Nigerian Government Gives Traders One Month to Lower Prices of Goods

President Bola Ahmed Tinubu’s administration has issued a one-month ultimatum to Nigerian traders and market stakeholders, demanding a reduction in the prices of goods. This directive was announced by Mr. Tunji Bello, the newly appointed Executive Vice Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), during a stakeholders’ engagement on exploitative pricing held in Abuja.

Bello addressed the troubling trend of unreasonable pricing and unfair market practices that have significantly inflated the cost of consumer goods. He cited a stark example: a fruit blender known as Ninja, which sells for about $89 (approximately N140,000) in Texas, USA, is being priced at an excessive N944,999 in a Lagos supermarket. This discrepancy highlights the unjustified price hikes that are impacting Nigerian consumers.

The FCCPC has set a one-month period, ending in September, before it will begin enforcing compliance measures against those who fail to adjust their prices. Bello made it clear that while the commission is prepared to impose severe penalties under Section 155 for those found guilty of exploitative practices, the current approach is intended to encourage voluntary compliance rather than immediate punitive action.

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Market stakeholders have voiced concerns about factors contributing to high prices, such as transportation costs, insecurity, and multiple taxation. The Chairman of the National Association of Nigerian Traders, FCT Chapter, Ifeanyi Okonkwo, pointed out that high charges on imported goods at the ports also drive up prices. Representatives from various sectors, including spare parts, flour mills, and supermarkets, echoed these sentiments, attributing price increases to rising transportation costs, high bank interest rates, and escalating utility charges.

Despite these challenges, the government remains firm on its stance against exploitative pricing, urging stakeholders to cooperate and address these issues constructively. The FCCPC’s initiative aims to restore fairness in the market and ease the financial burden on Nigerian consumers by tackling unreasonable price increases.

Source: Intel Region

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