By Felix Khanoba
The Federal Competition and Consumer Protection Commission (FCCPC) is set to engage market leaders and other key players in the supply and distribution chains nationwide as part of a comprehensive strategy to address the issue of exploitative pricing of consumer goods.
In a statement released on Monday and signed by the FCCPC’s Executive Vice Chairman/Chief Executive Officer, Mr. Tunji Bello, the Commission acknowledged the impact of the current exchange rate on the value of the Naira.
It, however, noted with concern that prices charged for goods, particularly for imported products, which are often disproportionately high, adding that the situation is even more alarming for locally produced items, where excessive pricing has become common.
“This unfair practice is particularly rampant in the retail sector of the distribution chain, where certain market associations engage in price fixing, ultimately to the detriment of consumers,” the statement highlighted.
While expressing optimism that through collaborative efforts with market leaders, a mutual understanding on fair pricing can be achieved, FCCPC said the goal is to prevent excessive profiteering during this period of economic hardship and ensuring that consumers are not unduly exploited.
The Commission also emphasized that this dialogue will be an ongoing process aimed at fostering a healthier market culture—one that respects the traders’ need for a reasonable profit margin while protecting consumers from exploitative practices.
Furthermore, the FCCPC reiterated that its advocacy for Nigerian consumers aligns with President Bola Tinubu’s renewed hope agenda.
“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, ” the statement added.
