On Thursday, August 29, in Abuja, at a one-day stakeholders engagement on exploitative pricing, Tunji Bello, the recently appointed Executive Vice Chairman of the FCCPC, made this statement.
The Federal government through the Federal Competition and Consumer Protection Commission (FCCPC), has issued a one-month moratorium to traders and other market stakeholders across the country to crash the prices of foodstuffs and other goods.
The newly appointed Executive Vice Chairman of the FCCPC, Tunji Bello, said this at a one-day stakeholders engagement on exploitative pricing on Thursday, August 29, in Abuja.
According to Bello, the meeting was to address the growing trend of unreasonable pricing of consumer goods and services and the unwholesome practice of market associations.
Bello said the Commission’s investigation showed that a fruit blender known as Ninja was being sold at a popular supermarket in Texas for 89 dollars (₦140,000.00) but the same product was displayed for ₦944,999.00 in a supermarket in Victoria Island, Lagos.
According to Bello, the government was aware of the majority of the issues brought up by market participants.
“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.” As stated by Bello.
Speaking at the engagement, a few market participants cited a number of factors, including the high cost of transportation, increased taxes, and insecurity, as the causes of the ongoing rise in the cost of products and services.