In an effort to address the rising problem of exploitative pricing of consumer goods throughout Nigeria, the Federal Competition and Consumer Protection Commission (FCCPC) has revealed plans to work with major suppliers and market leaders.
The FCCPC noted that prices for both imported and domestically manufactured goods are frequently unreasonably high in a statement signed by the executive chairman and CEO of the commission Tunji Bello.
The statement also underlined the impact of the exchange rate on the Naira.
According to the statement, certain market associations have been linked to price fixing in the retail sector, which has resulted in unjust charges for customers. This makes the matter particularly acute there.
For this reason, Bello stressed the Commission’s goal of collaborating closely with industry leaders to create equitable pricing procedures. According to him, the objective is to guarantee that merchants may still make money without taking advantage of customers, as this program is in line with President Bola Tinubu’s agenda of hope for Nigerian consumers.
The FCCPC also released a guideline mandating that product prices be prominently displayed on store shelves in order to maintain transparency and shield customers from unexpected price increases at the register.
