On Monday, the Federal Competition and Consumer Protection Commission (FCCPC) announced plans to engage with market leaders and stakeholders across Nigeria to tackle exploitative pricing in the retail sector.
This initiative comes as Nigerians continue to face rising inflation, driven by surging food prices and ongoing economic challenges.
In a statement by the Executive Vice Chairman and CEO of the FCCPC, Tunji Bello, the commission noted that prices of consumer goods, especially in the retail sector, often appear disproportionate.
“While the impact of the exchange rate on the Naira is acknowledged, it is observed that the prices of imported products are often disproportionate, and those of locally produced goods are excessive.
“This unfair practice is particularly widespread in the retail sector, where some market associations are involved in price-fixing, to the detriment of consumers,” the statement said.
To address these issues, the FCCPC plans to collaborate with market leaders to promote fair pricing practices.
The commission aims to curb excessive profiteering and ensure that consumers are not unfairly burdened, especially during tough economic times.
This initiative aligns with President Bola Tinubu’s renewed hope agenda, which seeks to strengthen consumer protection and promote economic stability.
For greater transparency, the FCCPC has also mandated that supermarkets clearly display product prices, ensuring that consumers are aware of costs before making purchases.
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