The Federal Competition and Consumer Protection Commission (FCCPC) has issued a one-month ultimatum to traders and market stakeholders involved in exploitative pricing, demanding that they lower the prices of goods. Tunji Bello, the newly appointed Executive Vice Chairman of the FCCPC, made this announcement during a one-day stakeholder engagement on exploitative pricing held in Abuja.
Bello expressed concern over the rising trend of unreasonable pricing and the unethical practices of market associations. He highlighted an example where a fruit blender sold for $89 (₦140,000.00) in a Texas supermarket was being priced at ₦944,999.00 in a Victoria Island, Lagos supermarket. He questioned the rationale behind such a drastic price increase, warning that these practices could destabilize the economy. According to Section 155, violators could face severe penalties, including hefty fines and imprisonment.
Despite the potential consequences, Bello emphasized that the current approach is not intended to be punitive and called on all stakeholders to act with patriotism and cooperation. The FCCPC will begin enforcement after the one-month moratorium ends in September.
During the engagement, market stakeholders cited various factors contributing to the high prices, including rising transportation costs, insecurity, multiple taxation, and high port charges on imported goods. Ifeanyi Okonkwo, Chairman of the National Association of Nigerian Traders (FCT Chapter), requested the creation of a task force that includes their association in the enforcement process. Other stakeholders mentioned that the escalating costs of essential ingredients and services, such as flour and transportation, are driving up prices.
Various market associations attended the engagement to discuss the challenges they face and how these impact the cost of goods and services.