The Federal Competition and Consumer Protection Commission (FCCPC) has issued a one-month ultimatum to traders and market stakeholders to address exploitative pricing practices or face regulatory enforcement. This announcement was made by the FCCPC’s Executive Vice-Chairman, Tunji Bello, during a stakeholders’ engagement in Abuja on Thursday.
The FCCPC’s directive comes in response to concerns over the sharp increase in the prices of consumer goods and services, exacerbated by unethical practices such as price fixing by market associations. Bello highlighted that recent market surveys have revealed alarming trends of excessive pricing and price gouging, particularly affecting both imported and locally produced goods.
“Our recent investigations have shown that the margins on some goods are disproportionately high,” Bello stated. “This trend is particularly troubling in the retail sector, where we have uncovered instances of price fixing and other anti-consumer behaviors.”
The National Bureau of Statistics (NBS) recently reported an inflation rate of 33.40%, with food inflation exceeding 40%, which has been exacerbated by the end of fuel subsidies announced by President Bola Tinubu in May 2023. Despite the impact of the unfavorable exchange rate on production costs, the FCCPC has identified several cases of excessive price increases that it deems unjustifiable.
Bello stressed that while the FCCPC prefers a collaborative approach, the commission is prepared to enforce legal measures against those found guilty of exploiting consumers. “Price gouging and price fixing are illegal under the Federal Competition and Consumer Protection Act (FCCPA),” he said. “We are committed to using the full extent of the law to address these issues, though our primary focus is on dialogue and cooperation to foster a fair marketplace.”
In a related development, the Catholic Bishops’ Conference of Nigeria (CBCN) has called on the federal government to address the rising food prices and economic hardship affecting Nigerians. At the conclusion of their second Plenary Meeting in Auchi Diocese, Edo State, the bishops urged the government to provide subsidies, soft loans, and modern technology to support farmers and small and medium-sized enterprises (SMEs).
The CBCN highlighted the severe impact of high electricity tariffs, fuel costs, and other economic pressures on Nigerians, describing the current situation as a “yoke of hardship.” They called for a shift in political ideology towards service and solidarity, emphasizing the need for effective and compassionate governance.
The bishops also designated 2024 as the Year of Prayer in preparation for the Jubilee Year of Hope in 2025. They stressed that prayer must be coupled with action and repentance to address both personal and national issues.
Furthermore, the CBCN condemned the use of violence by some protesters and the killing of citizens by security forces. They reaffirmed the right to peaceful protest and urged the government to address the root causes of unrest and release detained protesters.
In addition, the CBCN urged the government to reconsider its economic reform policies, streamline taxation, and support business sustainability to alleviate the burden on citizens and encourage investment.
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