Nigerians love opportunities, perhaps but the FCCPC won’t let exploitative traders among them hold the advantage.
In response to the growing concerns over exploitative pricing during a period of rising inflation, the Federal Competition and Consumer Protection Commission (FCCPC) has announced plans to engage market leaders and stakeholders in the supply and distribution chain.
The move will help address the disproportionate and excessive prices being charged for both imported and locally produced goods, which have been a burden on consumers.
FCCPC’s Executive Vice Chairman/Chief Executive Officer, Mr. Tunji Bello in a recent statement, acknowledged the impact of the high inflation rate, which reached 34.2 per cent in June 2024.
However, he emphasized that the current pricing trends are unjustified, particularly in the retail segment, where some market associations have been found engaging in price fixing. Bello pointed out that while the devaluation of the Naira has affected the cost of imported goods, the markups on these products, as well as on locally produced commodities, are often excessive and not reflective of the actual cost increases.
The FCCPC is working towards fostering a better understanding with market leaders to ensure that pricing remains fair and reasonable during these challenging economic times.
Already, the commission has begun implementing measures to promote transparency, including mandating that supermarkets and other retail outlets visibly display prices, thereby reducing the opportunities for price gouging and protecting consumers from undue profiteering.
