The Federal Competition and Consumer Protection Commission (FCCPC) has issued a one-month ultimatum for traders and market stakeholders to reduce exploitative pricing practices. At a stakeholders’ engagement in Abuja, FCCPC Executive Vice-Chairman Mr. Tunji Bello outlined the commission's plan to enforce price reductions, citing disturbing findings from recent market surveys. Bello emphasized that while exchange rates impact production costs, excessive price margins and market practices such as price fixing and gouging are unacceptable.
Governor of Lagos State, Babajide Sanwo-Olu, alongside other dignitaries, was present at the event, where discussions revealed concerns about arbitrary price hikes and their impact on consumers. Key issues highlighted included disproportionate price increases for imported goods and inconsistencies in local pricing, with Bello stressing that price fixing and gouging undermine healthy market competition and exploit consumers.
Market stakeholders voiced their concerns about rising operational costs, including transportation and multiple taxation, which they argue contribute to higher prices. Responses from industry representatives indicated that while some traders are struggling with increased costs, there is also criticism of the FCCPC’s approach, suggesting it may not address the root causes of inflation and could negatively impact small businesses.
Critics, including human rights activist Barrister Charity Onwuka and public analyst Clifford Egbomeade, argue that enforced price reductions could lead to market distortions and shortages. They advocate for addressing broader economic factors and improving supply chains to achieve sustainable price stability, rather than imposing direct price controls that may have unintended consequences.
