Nigerian govt gives traders one month to crash prices

The Nigerian government, through the Federal Competition and Consumer Protection Commission (FCCPC), has given a one-month ultimatum to traders and other market stakeholders to crash the prices of goods.

Tunji Bello, the Executive Vice Chairman of the FCCPC, stated this at a one-day stakeholders engagement on exploitative pricing on Thursday in Abuja.

According to Bello, they will begin enforcement after the moratorium.

He said that the meeting was to address the growing trend of unreasonable pricing of consumer goods and services and the unwholesome practice of market associations.

Bello described the commission’s finding that a fruit blender known as Ninja was being sold at a popular supermarket in Texas for 89 dollars (N140,000.00) but the same product was displayed for N944,999.00 in a supermarket in Victoria Island, Lagos.

Bello wondered about the basis for the arbitrary hike in the price of the blender compared to the Texas, United States of America.

He said the unwholesome practices including price fixing were threatening the stability of the economy.