The Federal Competition and Consumer Pricing Commission has claimed that excessive pricing of imported goods, mostly among retailers, is the primary cause of consumer goods inflation in the country.
This was disclosed in a statement signed by the FCCPC’s Executive Vice Chairman/Chief Executive Officer, Tunji Bello where the commission stated its intention to engage with market leaders to check against exploitative pricing across the country.
According to the statement, the commission is convinced that by partnering with market leaders, it will be able to establish an agreement on fair product pricing to avoid excessive profiteering at the expense of consumers during these economically challenging period.
It stated, “While it is recognized that the exchange rate has impacted the value of the Naira, it is however observed that prices charged are, in most cases, disproportionate for imported products and excessive for locally produced ones.
“This unfair practice is prevalent in the retail segment of the distribution chain where some market associations are engaged in price fixing at the expense of consumers.”
The Commission stresses that actions to protect Nigerian consumers are consistent with President Bola Tinubu’s renewed hope program.
The Commission has already mandated supermarket operators to clearly display product prices on their shelves, ensuring transparency and preventing scenarios in which customers discover prices after paying and receiving a receipt.
The FCCPC earlier issued a strong warning to individuals involved in the food chain industry about unjustifiable price increases.
The FCCPC stated that its monitoring activities revealed evidence of conspiracies, price gouging, hoarding, and other unfair acts among participants at the distribution and retail levels.
Nigeria is undergoing one of the worst cost-of-living crises in a generation, with inflation at 34.19% and food inflation at 40.87% in June 2024, the highest levels in 28 years.
