To end exploitative price hikes of food commodities in the market, the Federal Competition and Consumer Protection Commission (FCCPC) has given a one-month deadline to traders and other market stakeholders to reduce the prices of goods and food commodities across the country.
This announcement was made by Tunji Bello, the newly appointed Executive Vice Chairman of the FCCPC, during a one-day stakeholders’ engagement on exploitative pricing held yesterday in Abuja.
Bello stated that the Commission would begin action once the moratorium period ends.
On his part, Ifeanyi Okonkwo, the Chairman of the National Association of Nigerian Traders, FCT Chapter, noted that the charges on imported goods at the ports have also played a significant role in the surge in prices.
He urged the Commission to establish a task force and include the association in its enforcement efforts.
Meanwhile, the FCCPC boss said the government was aware of most of the problems raised by the market stakeholders.
He said, “We have heard and you have genuine issues and the government has the responsibility to address the problems but generally, let us talk to ourselves too. There are also gang-ups to exploit consumers by traders.”
Moreover, other market stakeholders who spoke at the engagement said that the high cost of transportation, insecurity, and multiple taxation among others were reasons for the continuous increase in prices of goods and services.