The Nigerian government has given traders one month to lower prices of goods

The Federal Competition and Consumer Protection Commission (FCCPC) on Thursday gave traders and other business owners a month to lower commodity prices.

FCCPC Deputy Executive Chairman Tunji Bello delivers a briefing at a stakeholders meeting on exploratory pricing in Abuja.

He described the arbitrary price increases of goods as an unfair business practice.

FCCPC chief warns merchants to stop practices that harm consumers.

He stressed that the commission has the legal authority to impose sanctions for violations committed by individuals and entities.

Nigerians have been suffering from the high cost of commodities, especially food.

Rising food prices and the general cost of living have been the cause of recent protests in many parts of the country.

Bello said: “We have observed, for example, that the price margins on imported goods are disproportionately high in many cases and, in the case of locally produced goods, too high.

“This is an untenable situation, especially in the retail segment, where we have identified a pattern of price fixing by some market associations, price hoarding and other anti-consumer practices.

“From our findings, the tendency to raise prices arbitrarily is also often carried out by basic food traders and transportation operators.

“When grocers are involved, their common response is that transportation costs have gone up. But how justifiable is it for tomato sellers to double the price of a basket of tomatoes just because they are paying higher transportation costs?

“Meanwhile, the price of the same basket of tomatoes is much cheaper in other markets in the same jurisdiction surveyed by our field officers. Now, the question is: do sellers who sell at lower prices not pay for the transportation costs?

“Given the current situation in Nigeria, I want to state this unequivocally. Price gouging and price fixing are not only unethical, they are also clearly unlawful under the FCCPA,” he said.

“Section 17 of the Act empowers the Commission to eliminate anti-competitive practices, misleading, unfair, deceptive or unfair marketing, trade and business practices.

“Therefore, the Business Competition Supervisory Commission (KPPU) has the will and capacity to use full legal force against those found guilty of exploiting consumers for improper gain.

“Under Article 155, violators, both individuals and business entities, face severe penalties, including large fines and imprisonment if found guilty by the court. This is intended to deter all parties involved in such prohibited activities.”

Nigerian Government Gives Traders One Month to Lower Prices of Goods Post first appeared on Latest Nigeria News | Top Stories from Ripples Nigeria.