FCCPC Grants One-Month Moratorium to Traders, Urges Price Reduction

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 FCCPC Grants One-Month Moratorium to Traders, Urges Price Reduction



The Federal Competition and Consumer Protection Commission (FCCPC) has announced a one-month moratorium for traders and market stakeholders engaged in exploitative pricing, urging them to lower the prices of goods across Nigeria. This directive was made by Mr. Tunji Bello, the newly appointed Executive Vice Chairman of the FCCPC, during a stakeholders’ engagement on exploitative pricing held on Thursday in Abuja.


Bello emphasized that the Commission would begin strict enforcement actions after the moratorium period ends, targeting those who continue to engage in unreasonable pricing practices.


At the meeting, Bello highlighted a concerning example of exploitative pricing: a fruit blender known as Ninja, priced at $89 (N140,000) in a Texas supermarket, was being sold for a staggering N944,999 in a Victoria Island, Lagos supermarket. He questioned the justification for such a significant price hike and expressed concern over the impact of these unwholesome practices on the economy.


Bello warned that under Section 155 of the FCCPC Act, individuals and corporate entities found guilty of exploitative pricing could face severe penalties, including substantial fines and imprisonment. However, he clarified that the current approach is not punitive, and the Commission is offering the one-month grace period to encourage compliance.


In addition to urging traders to reduce prices, Bello called on all stakeholders to embrace patriotism and cooperation, stressing that exploitative practices, including price-fixing, are detrimental to the nation's economic stability.


**Market Stakeholders' Response**


Ifeanyi Okonkwo, Chairman of the National Association of Nigerian Traders (FCT Chapter), acknowledged that high import charges at the ports have contributed significantly to the surge in prices. He suggested that the FCCPC establish a task force that includes the association to ensure effective enforcement.


Other market stakeholders at the engagement cited the high cost of transportation, insecurity, and multiple taxation as additional factors driving the continuous increase in the prices of goods and services. The FCCPC acknowledged these concerns and assured stakeholders that the government is aware of these challenges and is committed to addressing them.


The Commission's efforts are part of a broader strategy to stabilize the economy and protect consumers from exploitative practices in the market.


https://nairametrics.com/2024/08/29/inflation-fccpc-gives-traders-one-month-deadline-to-crash-prices-of-goods-across-nigeria/

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