The Federal Government, through the Federal Competition and Consumer Protection Commission, has issued a one-month grace period to readers and business owners in the country who have decided to increase product prices to reduce them or face sanctions.
The threat was issued by Mr Tunji Bello, the newly appointed Executive Vice Chairman of the FCCPC, during a one-day stakeholders engagement held on Thursday in Abuja, the Federal Capital Territory.
He disclosed that after the expiration of the time given to readers, the federal government will state enforcing the law.
Speaking on the importance of the meeting, he noted that the meeting was a platform to address the issues surrounding the unnecessary increases in the pricing of products in the country, especially consumer goods and services. He also noted that the meeting was a platform to address the unwholesome practice of market associations.
Speaking on the commission’s latest discovery, he noted that a visit to a shop in Lagos showed that a fruit blender known as Ninja was displayed for N944,999.00 in a popular supermarket in Lagos while the same product was being sold for 89 dollars (N140,000.00) in a shop in Texas, United States. He complained that the reasons for the unnecessary price increase were alarming.
He noted that business owners’ fixing of prices was a major threat to the stability of the country’s economy. He noted that individuals or corporate businesses that act against the provisions of Section 155 face sanctions such as fines and imprisonment if found guilty by the cult.
He noted that the meeting was a time to discourage owners of business to stay away from attitudes that will undermine the stability of the economy. He called on all individuals to be patrotice toward the country.
He noted that the commission has given business owners one month’s notice before the enforcement of the new policies, which will start at the end of September.
Bello noted that the government was aware of the issues raised by the market stakeholders, explaining that the government would take steps to address them as soon as possible. He further called on the stakeholders to speak to themselves in order to help the economy.
He disclosed that different traders in the country have put out modalities to exploit consumers with unnecessary pricing of products.
Responding, Ifeanyi Okonkwo, Chairman of the National Association of Nigerian Traders, FCT Chapter, disclosed that the government’s charges to traders’ ports for imported goods have largely contributed to the amount they are sold in the markets.
He called on the commission to raise a team of the task force, which will its members for better enforcement of the new directives.
While speaking of some of the challenges, a trader at the Kugbo Spare Parts market, Mr Emmanuel Odugwu, explained that the price of transportation has affected the prices of products. For example, he noted that before, a trailer load of tyres from Lagos to Abuja was N450,000, but the price has increased to over one million nairas to transport the same quantity of products from the same location.
Ms Kemi Ashiri, who serves as the Liaison Manager at Flour Mills, suggested that the regulators intend to fine businesses, and harmonization is needed to help the growth of businesses in the country.
Ikenna Ubaka, who spoke on behalf of supermarket owners, noted that interest rates which have increased to over 30 per cent, have been one factor that has contributed to the increased prices. He also cited the amount being charged for rents, increased price of distribution, and supply chain have all contributed to the increased price he said.
Ubaka further claimed that the amounts charged to supermarkets by the distributors of electricity are exuberant.
Mr Solomon Ukeme, who spoke on behalf of the Master Bakers Association, explained that the increase in the prices of products such as flour, sugar, and butter has been the major reason for the increase in the prices of confectioneries across the country.
He noted that the price of flour had increased more than 100 per cent from the initial N34,000, which was gold, to the current N74,000. He called on the government to address the issue of multiple taxation, which threatens the operation of their business.
The meeting was attended by various market associations in the country, and issues related to pricing were the major topic of discussion.
