The Federal Competition and Consumer Protection Commission (FCCPC) has announced plans to engage market leaders nationwide to address the issue of exploitative food prices, particularly in the context of the volatile foreign exchange (FX) situation. The FCCPC aims to curb unfair practices that have led to disproportionately high prices for both imported and locally produced goods.
Mr. Olatunji Bello, the Executive Vice Chairman and Chief Executive Officer of the FCCPC, disclosed this in a statement on Monday. He emphasized that this move is in accordance with Sections 17(l) (s), 116(2), 124, 125, 138, and 155 of the FCCPC’s Establishment Act of 2018. The initiative is designed to checkmate exploitative pricing practices that have burdened Nigerian consumers.
Bello acknowledged that while the fluctuating exchange rate has affected the value of the Naira, the prices charged for goods have often been excessive and unfair, particularly in the retail sector. He pointed out that some market associations have been engaging in price fixing, leading to undue profiteering at the expense of consumers, especially during these challenging economic times.
“The Commission believes that by working with market leaders, an understanding can be reached on reasonable pricing that allows for trader’s margin without exploiting consumers,” Bello stated. He added that the FCCPC would sustain these interactions to foster a fairer market culture in Nigeria.
The need for this engagement comes as Nigeria faces a cost of living crisis, with inflation hitting a 28-year high of 34.19% in June 2024, according to the National Bureau of Statistics (NBS). Food inflation has also surged to 40.87%, prompting the Bola Tinubu administration to lift import levies on certain food items. Despite this measure, the cost of goods has remained high.
The FCCPC’s intervention is seen as a critical step in addressing the economic strain on Nigerians, as the country awaits the release of July’s inflation figures, with further increases anticipated.
