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FCCPC Issues Deadline for Traders to Lower Prices

Published by Tope Fakinlede on August 29th, 2024.

FCCPC Issues Deadline for Traders to Lower Prices

The Federal Competition and Consumer Protection Commission (FCCPC) has given traders and market participants a one-month period to reduce prices on goods following concerns about exploitative pricing.

Tunji Bello, the newly appointed Executive Vice Chairman of the FCCPC, announced this during a stakeholder meeting on exploitative pricing held in Abuja on Thursday.

Bello indicated that enforcement actions would commence once this grace period concludes, addressing the growing issue of unreasonable pricing and unethical practices by market associations.

He cited a specific case where a Ninja fruit blender, costing $89 (about N140,000) in Texas, was being sold for N944,999 in Lagos, questioning the justification for such a steep price increase.

Bello emphasized that these practices, including price fixing, threaten economic stability. He warned that under Section 155, offenders could face significant fines and imprisonment, though the current approach is intended to be non-punitive. He called for cooperation and patriotism among stakeholders and announced a one-month grace period before strict enforcement begins.

Ifeanyi Okonkwo, Chairman of the National Association of Nigerian Traders (FCT Chapter), highlighted that import duties and charges have contributed to rising prices and suggested the formation of a task force involving the association to aid enforcement.

Bello acknowledged the validity of the issues raised by market participants and assured that the government is committed to addressing these concerns. He also noted the presence of coordinated efforts to exploit consumers and recognized other factors such as transportation costs, insecurity, and multiple taxation as contributors to the price hikes.