Inflation: FCCPC set to engage market leaders, others on exploitative pricing in Nigeria

*Tunji Bello, Executive Vice-Chairman/CEO of the Federal Competition and Consumer Protection Commission announces the regulatory Commission, in the coming days, will be engaging leaders of markets, and others in the supply and distribution chain, as part of a broader initiative to check exploitative pricing of consumer goods in the Nigerian economy

Gbenga Kayode | ConsumerConnect

As part of the market regulator’s broader initiative to check exploitative pricing of consumer goods and other commodities in the Nigerian markets, the Federal Competition and Consumer Protection Commission (FCCPC) has said it will be engaging leaders of markets, and others in the supply and distribution chain across the country in the coming days.

ConsumerConnect reports the FCCPC, which disclosed this development Monday, August 12, 2024, said the move “is pursuant to Sections 17(l) (s),116 (2), 124,125,138 and 155 of the Federal Competition and Consumer Protection Act (FCCPA) 2018.”

Mr. Tunji Bello, Executive Vice-Chairman/Chief Executive Officer (EVC/CEO) of the Commission, stated while it is recognised that the exchange rate has impacted the value of the Naira, it is however, observed that prices charged are, in most cases, disproportionate for imported products and excessive for locally produced ones.

Mr. Tunji Bello, Executive Vice-Chairman/CEO of FCCPC

The EVC/CEO of FCCPC noted: “This unfair practice is prevalent in the retail segment of the distribution chain where some market associations are engaged in price fixing at the expense of consumers.

“Working with the market leaders, the Commission believes an understanding can be reached on reasonable pricing of products with a view to eschewing undue profiteering at the expense of consumers at a time of economic challenges.”

The FCCPC said such interactions would be sustained by the Commission to foster a better market culture that makes allowance for the trader’s margin without leaving consumers exploited.

“The Commission’s advocacy for Nigerian consumers in this direction is consistent with the renewed hope agenda of President Bola Tinubu.

“Already, the Commission has mandated the operators of supermarkets to visibly display the prices of products displayed on their shelves to shoppers for transparency and avoid an ambush situation where they only get to know of the prices after payment would have been made at the counter and receipt issued,” stated the EVC/CEO of FCCPC.