In a bid to curb the rising inflation and protect consumers from exploitative pricing, the Federal Competition and Consumer Protection Commission (FCCPC) has announced plans to engage market leaders and key players in the supply and distribution chain across Nigeria.
This initiative, made known on Monday in a statement by the Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, is a response to concerns over disproportionate pricing of both imported and locally produced goods, which has exacerbated the economic challenges faced by many Nigerians.
Scheduled to take place in the coming days, these discussions will involve leaders from various markets and sectors to address the issue of price fixing, particularly within the retail segment. The FCCPC has observed that some market associations have been setting prices at levels that unfairly burden consumers, taking advantage of the fluctuating exchange rate and the declining value of the Naira.
The statement read, “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.
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.”
The FCCPC aims to reach an understanding with market leaders on implementing reasonable pricing strategies that balance the need for fair profit margins with the protection of consumer interests. The Commission believes that by fostering collaboration, it can promote a more equitable market environment, reducing instances of undue profiteering during these economically challenging times.
The statement added, “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.
“Such interaction will be sustained by the Commission to foster a better market culture that makes allowance for the trader’s margin without leaving buyers exploited.
“This effort aligns with President Bola Tinubu’s renewed hope agenda, which emphasises consumer protection and economic stability.”
In addition to these engagements, the FCCPC says it has already mandated that supermarket operators clearly display the prices of products on their shelves.
“This measure is intended to ensure transparency, allowing consumers to make informed purchasing decisions and avoid surprise charges at the checkout counter,” it said.
Melissa Enoch
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