Inflation: FCCPC Gives Nigerian Traders One Month to Slash Prices or Face Penalties

Samuel Mobolaji

The Federal Competition and Consumer Protection Commission (FCCPC) has issued a one-month ultimatum to traders and market stakeholders involved in exploitative pricing practices, urging them to lower the prices of goods across Nigeria.

This announcement was made by Mr Tunji Bello, the newly appointed Executive Vice Chairman of the FCCPC, during a one-day stakeholders’ engagement on exploitative pricing held in Abuja.

Bello emphasized that once the one-month grace period ends, the Commission will initiate enforcement actions. The meeting aimed to address the alarming trend of unreasonable pricing of consumer goods and services, as well as unethical practices by market associations.

During the event, Bello highlighted a striking example uncovered by the Commission: a Ninja brand fruit blender priced at $89 (approximately N140,000) in a Texas supermarket was found being sold for N944,999 in a supermarket on Victoria Island, Lagos. He questioned the rationale behind the significant price discrepancy and warned that such exploitative practices threaten the economic stability of the nation.

According to Bello, under Section 155 of the relevant law, violators, whether individuals or corporate entities, could face severe penalties, including hefty fines and imprisonment if found guilty by a court. However, he stressed that the Commission’s current approach is not punitive and called on all stakeholders to demonstrate patriotism and cooperation.

Chairman of the National Association of Nigerian Traders, FCT Chapter, Ifeanyi Okonkwo, pointed out that the high charges on imported goods at the ports significantly contribute to the surge in prices. He urged the FCCPC to establish a task force that includes the association to effectively enforce the new pricing guidelines.

The FCCPC chairman acknowledged the challenges raised by market stakeholders, noting the government’s awareness and responsibility to address these issues. He also called for internal reflection among traders, emphasizing that collusion among them to exploit consumers must be curbed.

Other market stakeholders cited factors such as high transportation costs, insecurity, and multiple taxation as contributing to the persistent increase in the prices of goods and services. As the FCCPC’s one-month deadline looms, traders and market players face the challenge of adjusting prices to align with the Commission’s mandate, aiming to ease the burden on Nigerian consumers.