In a bid to combat exploitative pricing, the Federal Competition and Consumer Protection Commission (FCCPC) has issued a one-month ultimatum to traders and market stakeholders to reduce prices.
The commission’s Executive Vice Chairman, Tunji Bello, announced this at a stakeholders’ engagement in Abuja, warning that enforcement actions will commence after the deadline.
Bello highlighted the commission’s findings of price disparities, citing a fruit blender sold for $89 in Texas but priced at N944,999 in Lagos. He emphasized that such practices threaten the economy’s stability and urged stakeholders to cooperate with the government to address the issue.
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Market stakeholders attributed the price hikes to high transportation costs, insecurity, multiple taxation, and other factors.
The commission is working to address these challenges, and Bello encouraged stakeholders to embrace patriotism and cooperation.
The move is a significant step towards protecting consumers from exploitation and promoting fair market practices in Nigeria.
With the ultimatum in place, traders and market stakeholders must take immediate action to reduce prices and avoid severe penalties, including fines and imprisonment.
