The initiative comes as Nigerians grapple with inflation, exacerbated by soaring food prices and persistent economic challenges.
According to a statement by the Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, the commission has observed that prices for consumer goods, particularly in the retail sector, are often disproportionate.
Imported products are frequently priced excessively, while local products also see unjustified price increases, adding that market associations have been implicated in price fixing, further compounding the financial strain on consumers.
“While it is recognised that the exchange rate has impacted the value of the Naira, it is, however, observed that prices charged are, in most cases, disproportionate for imported products and excessive for locally produced ones.
“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,” it read.
To address these concerns, the FCCPC said it plans to work closely with market leaders to foster reasonable pricing practices.
The commission said it aims to mitigate undue profiteering and ensure that consumers are not unfairly burdened, particularly during economic hardship.
This effort, it said, aligns with President Bola Tinubu’s renewed hope agenda, which seeks to enhance consumer protection and economic stability.
For transparency, the FCCPC said it has already mandated that supermarkets visibly display product prices to shoppers, ensuring that consumers are aware of costs before completing their purchases.
This measure is intended to prevent situations where prices are only revealed at the checkout, promoting fairer trading practices.
As of June, Nigeria’s annual inflation rate rose for the fifth consecutive month, reaching 34.19 per cent. Notably, the food inflation rate surged to 40.87 per cent year-on-year, marking a dramatic increase of 15.62 percentage points from June 2023, when it stood at 25.25 per cent.
The escalation in food costs has been attributed to various factors, including insecurity in major food-producing regions and difficulties farmers face in accessing their fields.
These issues have disrupted agricultural production and supply chains, leading to higher prices for imported and locally produced goods.
