The Nigerian government, through the Federal Competition and Consumer Protection Commission (FCCPC), has issued a one-month ultimatum to traders across the country, requiring them to reduce the prices of goods by September 2024.
FCCPC Vice Chairman, Tunji Bello, made this announcement during a stakeholders’ meeting on exploitative pricing held in Abuja on Thursday. He revealed that the Commission had identified numerous cases of price exploitation by traders, citing a specific example where a supermarket in Lagos inflated the price of a Fruit Blender, known as Ninja, by 500 percent—from N140,000, the price in Texas, United States, to N944,999 in Victoria Island, Lagos.
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Bello expressed concern over such practices, warning that price fixing and gouging were threatening the stability of Nigeria’s economy. He emphasized that the FCCPC would begin enforcing regulations once the September 2024 moratorium expires.
“Under Section 155, violators, whether individuals or corporate entities, face severe penalties, including substantial fines and imprisonment if found guilty by the court,” Bello stated. “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.”
He further explained that the one-month moratorium was offered to allow traders to adjust their prices voluntarily before the commission begins firm enforcement.
During the meeting, traders attributed the high prices to several factors, including importation costs and transportation expenses. Ifeanyi Okonkwo, Chairman of the National Association of Nigerian Traders (FCT Chapter), pointed out that charges on imported goods at the Ports also contributed to the price hikes. Okonkwo appealed to the FCCPC to establish a task force and include the association in its enforcement efforts.
