The Federal Government, through the Federal Competition and Consumer Protection Commission (FCCPC), has given traders and markets a one-month ultimatum to reduce the prices of goods and services across the country.
The government warned that after this period, enforcement actions would be taken to compel immediate price adjustments.
Tunji Bello, the Executive Vice Chairman of the FCCPC, made the announcement during a stakeholders’ meeting in Abuja on Thursday.
He highlighted examples of excessive pricing, such as a fruit blender that costs $89 in the US but is sold for N944,999 in Lagos.
Bello emphasized that such practices are detrimental to the economy and urged stakeholders to cooperate, noting that violators could face severe penalties, including fines and imprisonment.
“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, therefore, call on all stakeholders to embrace the spirit of patriotism and cooperation. It is in this spirit that we are giving a moratorium of one month before the Commission will start firm enforcement,” Bello stated.
Adding his perspective, Ifeanyi Okonkwo, Chairman of the National Association of Nigerian Traders, FCT Chapter, mentioned that charges on imported goods at the ports have also contributed to the increase in prices.
Meanwhile, market stakeholders pointed to factors such as import charges, transportation costs, insecurity, and multiple taxation as reasons for the price hikes.
