FCCPC Gives Traders One-Month Deadline to Reduce Goods Prices Amid Rising Concerns

 The Federal Competition and Consumer Protection Commission (FCCPC) has issued a one-month moratorium for traders and other market stakeholders to lower the prices of goods, following concerns about exploitative pricing practices.

Tunji Bello, the newly appointed Executive Vice Chairman of the FCCPC, announced the decision during a one-day stakeholder engagement on exploitative pricing held on Thursday, August 29, in Abuja. The meeting was convened to tackle the increasing trend of unreasonable pricing of consumer goods and services, as well as unethical practices among market associations.

Bello pointed to the example of a fruit blender brand, Ninja, which was being sold for $89 (₦140,000) in a well-known supermarket in Texas, USA, while the same product was priced at ₦944,999 in a supermarket in Victoria Island, Lagos. He questioned the justification for such a drastic price increase compared to its retail price in Texas.

The FCCPC expressed concerns that such practices, including price fixing, pose a significant threat to the stability of Nigeria's economy. Bello stated, "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, Bello clarified that the commission's current approach is not punitive but rather seeks cooperation. "I call on all stakeholders to embrace the spirit of patriotism and cooperation," he urged. "It is in this spirit that we are giving a moratorium of one month (September) before the Commission will start firm enforcement."

Bello acknowledged that the government is aware of several challenges highlighted by market stakeholders, including high transportation costs, insecurity, and multiple taxes, which they claim contribute to the rising prices of goods and services.

"We have heard you, and you have genuine issues that the government has the responsibility to address. But generally, let us talk to ourselves too," Bello added, emphasizing the need for self-regulation among traders and warning against "gang-ups to exploit consumers."

The moratorium provides a grace period for market participants to adjust their pricing strategies, after which the FCCPC will begin strict enforcement to ensure fair pricing practices and protect consumer rights.