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Nigeria’s The Federal Competition and Consumer Protection Commission (FCCPC) has given a one-month moratorium to traders and other market stakeholders involved in exploitative pricing to crash the prices of goods in Nigeria.
The newly appointed Executive Vice Chairman of the FCCPC, Mr Tunji Bello, told the one-day stakeholders engagement on exploitative pricing on Thursday in Abuja that the commission would begin enforcement after the moratorium.
He explained that the meeting was to address the growing trend of unreasonable pricing of consumer goods and services and the unwholesome practice of market associations.
According to Bello, a fruit blender known as Ninja is being sold at a popular supermarket in Texas for 89 dollars (N140,000.00), but the same product is displayed for N944,999.00 in a supermarket in Victoria Island, Lagos.
Wondering the basis for the arbitrary hike in the price of the blender compared to the price in Texas, United States of America, Bello said that the unwholesome practices, including price fixing were threatening the stability of the economy.
”Under Section 155, violators whether individuals or corporate entities face severe penalties including substantial fines and imprisonment if found guilty by the court.
”This is intended to deter all parties involved in such illicit activities. However, our approach today is not punitive. I, therefore, call on all stakeholders to embrace the spirit of patriotism and cooperation.
”It is in this spirit that we are giving a moratorium of one month (September) before the commission will start firm enforcement,” the report by Punch newspaper on Friday quoted Bello as saying.
Bello said the government was aware of most of the problems raised by the market stakeholders.
”We have heard and you have genuine issues and the government has the responsibility to address the problems but generally, let us talk to ourselves too.
”There are also gang-ups to exploit consumers by traders,” he added.
GIK/APA