The Federal Government, through the Federal Competition and Consumer Protection Commission (FCCPC), has given traders and market stakeholders across the country a one-month deadline to reduce the prices of goods and services.
Tunji Bello, the Executive Vice Chairman of the commission, made this announcement during a stakeholders’ meeting in Abuja.
He cautioned that strict enforcement actions would follow if the directive is not met within the stipulated time.
Bello highlighted instances of excessive pricing by traders, such as a fruit blender sold for $89 in the US being priced at N944,999 in Lagos.
He emphasized that such practices pose a serious threat to the economy and called on stakeholders to comply with the directive.
Bello also warned that those who violate the order will face severe penalties, including fines and imprisonment.
”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 before the Commission will start firm enforcement,” he said.
Contributing to the discussion, Ifeanyi Okonkwo, Chairman of the National Association of Nigerian Traders (FCT Chapter), noted that import charges at the ports have also contributed to the rising prices.
Market stakeholders further identified factors such as transportation costs, insecurity, and multiple taxation as additional drivers of price hikes.
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