The Nigerian government is introducing a strategy aimed at tackling rising price of commodities.
This is being done through the Federal Competition and Consumer Protection Commission (FCCPC).
The agency says it is engaging with market leaders across Nigeria to address concerns of rising prices of goods and services.
This initiative comes in response to increasing public outcry over what many consumers have described as unreasonable price hikes, particularly in essential commodities.
The FCCPC Executive Vice Chairman/Chief Executive Officer, Mr. Tunji Bello, directly addressed the issue of rising prices on Monday, August 12.
He acknowledges the impact of the high inflation rate on Nigerians.
According to him, this unfair practice prevails in the retail segment, with some market associations engaging in price fixing that harms consumers.
The latest report from the National Bureau of Statistics revealed that inflation rates increased across the board in June 2024, though at a slower pace.
The headline inflation rate rose to 34.2% in June 2024, compared to 22.8% in June 2023 and 34.0% in May 2024.
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Bello pointed out that while the exchange rate has affected the value of the Naira, the current pricing for imported goods is often disproportionate, and the costs for locally produced items are excessively high.
Agree On Reasonable Pricing
He noted that this unfair practice was prevalent in the retail segment, where some market associations engage in price fixing at the expense of consumers.
The Commission is confident that by “working with market leaders, we can agree on reasonable pricing to prevent undue profiteering during these economic challenges”.
The FCCPC has already acted to enhance transparency by requiring supermarkets to visibly display prices.
“The Commission has already mandated supermarkets to visibly display product prices on their shelves to ensure transparency and prevent shoppers from being ambushed by unexpected prices after payment,” Bello explained.
Furthermore, he emphasised that the Commission’s advocacy aligns with President Bola Tinubu’s renewed hope agenda for Nigerian consumers.
“We will continue these interactions to cultivate a market culture that allows fair profit margins for traders without exploiting buyers,” he added.
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