The Federal Government has set a one-month deadline for traders to lower food prices and services.
This move is part of a broader effort to address inflation and make essential items more affordable for Nigerians.
On Thursday, August 29, a statement by the commission, said the Executive Vice-Chairman of the FCCPC, Tunji Bello, gave the order at a one-day stakeholders’ engagement on exploitative pricing in Abuja.
FG Addresses High Food Prices
According to Bello, the commission will begin enforcement after the expiration of the notice.
He said the meeting was to address the growing trend of unreasonable pricing of consumer goods and services and unwholesome practices of market associations which results to high cost of food prices.
Bello said: “The issue of critical national importance of the day is the growing trend of unreasonable pricing of consumer goods and services across the country, and the unwholesome practice of market associations engaged in price fixing.
“As a responsive organization, we have carried out discreet market surveys extensively across the country in the past few weeks.
“Our findings are quite disturbing, to put it mildly. Therefore, our gathering here today (yesterday) is to underscore the gravity of the situation and the urgency of the need to work together to check this unwholesome development.
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“As a statutory body whose mandate is to cater to consumer rights, we cannot allow this unhealthy trend to continue.
“To be sure, we quite recognize that an unfavourable exchange rate has negatively impacted the cost of production in local currency.
“However, the margin in pricing goods and services is unreasonable or excessive in a few cases.
“We have observed, for instance, that the margin in the prices of imported goods are very disproportionate in many cases; and in the case of locally produced goods, excessively inflated.
“This is an untenable situation, particularly in the retail segment, where we have identified patterns of price fixing perpetrated by some market associations, price gouging, and other anti-consumer practices.
High Inflation Rate
Recently, the National Bureau of Statistics (NBS) pegged the inflation rate at 33.40 per cent, with the food inflation at over 40%
The high inflation rate has worsened since President Bola Tinubu on May 29, 2023, pronounced an end to fuel subsidies.
Explaining further, FCCPC said it would not fail to invoke the full weight of the law on defaulters who refused to reduce food prices.
He said: “In view of the current situation in Nigeria, let me however be very unequivocal.
“Price gouging and price fixing are not only unethical, but patently illegal under the FCCPA.
“As such, the FCCPC has the will and the capacity to invoke the full weight of the law against those found culpable of exploiting consumers.”
