The Federal Competition and Consumer Protection Commission (FCCPC) has issued a one-month deadline for traders and market stakeholders across Nigeria to reduce the prices of consumer goods. This directive, announced on Thursday in Abuja, aims to combat the rising trend of unreasonable pricing and exploitative practices within the market.
The FCCPC’s Executive Vice Chairman, Mr. Tunji Bello, made this announcement during a one-day stakeholders’ engagement on exploitative pricing. Bello, who recently assumed leadership of the Commission, highlighted the growing concern over price manipulation by market associations and the negative impact it has on the economy.
Bello cited an example to underscore the problem, revealing that a fruit blender, known as Ninja, is being sold for $89 (approximately N140,000) in a popular supermarket in Texas, USA, but the same product is priced at N944,999 in a supermarket on Victoria Island, Lagos. He questioned the rationale behind such a significant price difference and described it as an arbitrary and exploitative hike.
He warned that under Section 155 of the FCCPC Act, individuals or corporate entities found guilty of such practices could face severe penalties, including substantial fines and imprisonment. However, Bello emphasized that the current approach is not punitive. Instead, the Commission is giving stakeholders a one-month moratorium, spanning the month of September, to adjust their pricing before strict enforcement begins.
The FCCPC chief acknowledged the concerns raised by market stakeholders during the meeting, stating that the government is aware of the challenges they face. However, he urged traders to refrain from colluding to exploit consumers and to cooperate in stabilizing the market for the benefit of all.
