FCCPC gives traders one month deadline to cra§h prices of goods across Nigeria

In a bid to address what it described as growing trend of unreasonable pricing of consumer goods and services and the unwholesome practice of market associations resulting in exploitative procing, the Federal Competition and Consumer Protection Commission (FCCPC) on Thursday gave traders and other market stakeholders one month moratorium to crash the prices of goods, Nairametrics is reporting.

The Executive Vice Chairman of the FCCPC, Mr Tunji Bello gave the moratorium at a one-day stakeholders engagement on exploitative pricing on Thursday in Abuja.
Bello, who recently took over as the boss of FCCPC said the Commission will begin enforcement after the moratorium.

According to the FCCPC boss, the meeting was called in response to the growing trend of unreasonable pricing of consumer goods and services and the unwholesome practice of market associations.

Citing an example of such exploitative pricing, the FCCPC boss said the Commission’s finding that a fruit blender known as Ninja was being sold at a popular supermarket in Texas for 89 dollars (N140,000.00) but the same product was displayed for N944,999.00 in a supermarket in Victoria Island, Lagos.
Bello wondered the basis for the arbitrary hike in the price of the blender compared to the Texas, United States of America.

He said the unwholesome practices including price fixing was threa ening the stability of the economy. “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 (September) before the Commission will start firm enforcement,” he said.

Bello said the government was aware of most of the problems raised by the market stakeholders. “We have heard and you have genuine issues and government has the responsibility to address the problems but generally, let us talk to ourselves too. There are also gang ups to exploit consumers by traders,” he said.