This was disclosed in a statement signed by the FCCPC Chief Executive Officer, Tunji Bello on Monday.
The Federal Competition and Consumer Protection Commission has revealed plans to engage market leaders in tackling issues of exploitative prices of goods.
This was disclosed in a statement signed by the FCCPC Chief Executive Officer, Tunji Bello on Monday.
The commission noted that its decision was pursuant to Sections 17(1) (s),116 (2),124,125,138 and 155 of the Federal Competition and Consumer Protection Act (FCCPA) 2018.
He said, “In the coming days, the Federal Competition and Consumer Protection Commission (FCCPC) will be engaging 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.”
The FCCPC stated that while exchange rates had truly affected prices of goods, there are exploitation going on in the open market of the country.
Bello said, “While it is recognized that the exchange rate has impacted the value of the Naira, it is however 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 with a view to eschewing undue profiteering at the expense of consumers at a time of economic challenges.
“Such interaction will be sustained by the Commission to foster a better market culture that makes allowance for the trader's margin without leaving buyers exploited.”
“The Commission's advocacy for Nigerian consumers in this direction is consistent with the renewed hope agenda of President Bola Ahmed Tinubu,” the statement added.