FG gives traders one month to crash prices of goods
30 August 2024 |
3:14 am
The Federal Competition and Consumer Protection Commission (FCCPC) has given a one-month deadline to traders and relevant stakeholders to crash prices of goods.
The Federal Competition and Consumer Protection Commission (FCCPC) has given a one-month deadline to traders and relevant stakeholders to crash prices of goods.
Its Executive Vice Chairman, Tunji Bello, gave the ultimatum at a one-day stakeholders’ engagement on exploitative pricing, yesterday. He said they would begin enforcement actions at the end of the deadline.
Bello explained that the meeting was convened to address the increasing trend of unreasonable pricing of consumer goods and services, as well as the unethical practices by market associations.
Citing a finding by the commission, he said a fruit blender known as Ninja, is priced at $89 (N140,000) in Texas, but being sold at N944,999 in a supermarket in Victoria Island, Lagos.
Questioning the basis for the arbitrary hike, he said the unwholesome practices, including price fixing, threaten the stability of the economy. His words: “Under Section 155, violators, whether individuals or corporate entities face severe penalties, including substantial fines and imprisonment if found guilty by the court. This is intended to deter all parties involved in such illicit activities. However, our approach today is not punitive. I call on all stakeholders to embrace the spirit of patriotism and cooperation and it is in this spirit that we are giving a moratorium of one month before we will start firm enforcement.”
On his part, Chairperson, National Association of Nigerian Traders, FCT chapter, Ifeanyi Okonkwo, said the charges on imported goods at the ports play a significant role in price hikes. He urged the commission to establish a task force and include the association in its enforcement efforts.
Saying the government was aware of most of the problems raised by stakeholders, Bello stated that traders have genuine issues and that the government has the responsibility to address the problems, adding that some of the faults still go to the traders.
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