The Federal Competition and Consumer Protection Commission (FCCPC) has issued a one-month notice to traders and market stakeholders to address exploitative pricing practices.
This directive was announced by FCCPC Executive Vice-Chairman Tunji Bello during a one-day stakeholders’ engagement in Abuja on Thursday.
Bello highlighted the increasing issue of unreasonable pricing of goods and services and the unethical practices of market associations, such as price fixing. He noted that recent market surveys revealed disturbing trends, including excessive price margins on both imported and locally produced goods.
The National Bureau of Statistics (NBS) recently reported an inflation rate of 33.40%, with food inflation exceeding 40%, exacerbating the problem.
The FCCPC’s initiative aims to curb these practices and ensure fair pricing in the market.
Bello acknowledged the impact of unfavorable exchange rates on production costs but emphasized that current pricing in some cases is unreasonable. He warned that price gouging and price fixing are illegal under the FCCPA (Federal Competition and Consumer Protection Act) and that the commission is prepared to enforce the law fully against offenders.
While the FCCPC’s approach includes enforcement, Bello also emphasized the importance of dialogue and collaboration with market stakeholders to foster a fair marketplace.
