Inflation: FCCPC to engage market leaders, others

Estimated reading time: 2 minutes

The Federal Competition and Consumer Protection Commission (FCCPC) has announced its intention to engage leaders of markets and others in the supply and distribution chain across the nation as part of a broader initiative to check exploitative pricing of consumer goods. 

This was disclosed in a statement signed by the commission’s Executive Vice Chairman/Chief Executive Officer, Tunji Bello. 

According to the statement, the commission recognised that the exchange rate has impacted the value of the Naira and 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. 

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

The commission stated that such interaction will be sustained to foster a better market culture that makes allowance for the trader’s margin without leaving buyers exploited. 

Furthermore, 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.”