The Federal Competition and Consumer Protection Commission has announced a one-month moratorium for traders and market stakeholders involved in exploitative pricing, urging them to lower the prices of goods.
This move, aimed at curbing unethical pricing practices, was revealed by the newly appointed Executive Vice Chairman of the FCCPC, Mr. Tunji Bello, during a stakeholders’ engagement held on Thursday in Abuja, according to Nairametrics.
He emphasized that the Commission will take enforcement actions if prices remain unchanged after the moratorium.
The meeting addressed the rising trend of unreasonable pricing of consumer goods and services, as well as unethical practices by market associations.
Bello highlighted a recent Commission finding where a Ninja fruit blender, sold for $89 (N140,000) in a Texas supermarket, was being sold for N944,999 in Lagos.
He questioned the justification for such a significant price hike, warning that such practices threaten economic stability.
“Under Section 155, violators whether individuals or corporate entities face severe penalties including substantial fines and imprisonment if found guilty by the court.
“This is intended to deter all parties involved in such illicit activities.
”However, our approach today is not punitive. I, therefore, call on all stakeholders to embrace the spirit of patriotism and cooperation.
”It is in this spirit that we are giving a moratorium of one month before the Commission will start firm enforcement,” he said.
Meanwhile, the Chairman of the National Association of Nigerian Traders (FCT Chapter), Ifeanyi Okonkwo highlighted that the high charges on imported goods at the ports have significantly contributed to the surge in prices.
He urged the FCCPC to establish a task force to address this issue and requested that the association be included in the Commission’s enforcement efforts.
“We have heard and you have genuine issues and the government has the responsibility to address the problems but generally, let us talk to ourselves too.
”There are also gang-ups to exploit consumers by traders,” he added.
Nigeria is currently grappling with high prices of goods due to rising food inflation.
