The Federal Competition and Consumer Protection Commission (FCCPC) has elaborated on its recent one-month moratorium targeting traders and market stakeholders engaged in exploitative pricing practices.
This step aims to curb issues such as price gouging and price fixing that have been reported across various sectors.
In an update posted on its X page, the FCCPC addressed the feedback it has garnered following its directive for businesses to halt exploitative practices.
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Mr. Tunji Bello, the newly appointed Executive Vice Chairman of the FCCPC, made these clarifications during a one-day stakeholders’ engagement on exploitative pricing held on Thursday in Abuja.
During the meeting, Bello highlighted the extent of the problem by citing a striking example from August 29, 2024. He revealed that a fruit blender, the “Ninja,” priced at $89 (about N140,000) in a Texas supermarket, was being sold for a staggering N944,999 in a Victoria Island, Lagos supermarket
Bello stressed that such practices, including price fixing, pose a serious threat to the stability of the Nigerian economy.
In the same meeting, Ifeanyi Okonkwo, Chairman of the National Association of Nigerian Traders, FCT Chapter, pointed out that rising charges on imported goods at the ports have significantly contributed to the price increases.
Okonkwo urged the Commission to form a task force and involve the association in enforcement activities.
The FCCPC’s leadership acknowledged the validity of many concerns raised by market stakeholders and indicated that the government is aware of these issues.
