Inflation in Nigeria: FG orders traders to reduce prices in one month

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The Federal Competition and Consumer Protection Commission (FCCPC) has mandated that traders reduce the prices of goods within one month.

The newly appointed Executive Vice Chairman of the FCCPC, Tunji Bello, announced this directive during a stakeholders’ meeting focused on exploitative pricing in Abuja.

He voiced concerns over the excessive pricing of both imported and locally produced goods, which he attributed to price manipulation and anti-consumer practices by market associations.

To combat these practices, the FCCPC is implementing stricter measures to enforce fair pricing standards.

Bello said, ”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.

Bello emphasized that a one-month grace period (September) will be given before the FCCPC begins strict enforcement of these measures.

”It is in this spirit that we are giving a moratorium of one month (September) before the commission will start firm enforcement”, he added.