FCCPC links inflation to disproportionate pricing of imported goods

The Federal Competition and Consumer Protection Commission (FCCPC) has stated that disproportionate pricing of imported goods, mostly among retailers, is responsible for inflation in consumer goods in the country.

The commission said that in a bid to correct this, it will be engaging leaders of markets and others in the supply and distribution chain across the nation as part of a broader initiative to check what it termed ‘exploitative pricing of consumer goods.’

The commission’s Executive Vice Chairperson/Chief Executive Officer (CEO), Tunji Bello, that while they recognise that the exchange rate has impacted the value of the naira, it is been observed that prices are, in most cases, disproportionate for imported products and excessive for locally produced ones.

He stressed that this unfair practice is prevalent in the retail segment of the distribution chain where some market associations are engaged in price fixing at the expense of consumers.

Bello added that in working with the market leaders, they believe that an understanding can be reached on reasonable pricing of products to eschew undue profiteering at the expense of consumers at this time of economic challenge.
He revealed that this interaction will be sustained by the Commission to foster a better market culture that makes allowance for the trader’s margin without leaving buyers exploited.

“The Commission’s advocacy for Nigerian consumers in this direction is consistent with the agenda of the Presidency,” he said, pointing out that they have already mandated supermarket owners to visibly display the prices of products.