In the coming days, the Federal Competition and Consumer Protection Commission (FCCPC) will engage leaders of markets and other stakeholders in the supply and distribution chain across the nation,’ a statement from the Commission has said, adding that the stakeholder-engagement is part of a broader initiative to address the challenge of exploitative pricing of consumer goods in the country.
The statement, which was signed by Mr. Tunji Bello, Executive Vice Chairman/Chief Executive Officer of the FCCPC, made available to our correspondent on Monday, said the Commission recognizes that the exchange rate has impacted the value of the Naira, adding that it observes that prices charged are, in most cases, disproportionate for imported products and excessive for locally produced ones.
Its regulatory body noted that the 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.
The Commission said: “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 allows for the trader’s margin without leaving buyers exploited,” the commission promised.
The Executive Vice Chairman assured that the “Commission’s advocacy for Nigerian consumers in this direction is consistent with the renewed hope agenda of President Bola Tinubu,” adding that the Commission has already mandated operators of supermarkets to visibly display the prices of products displayed on their shelves to shoppers for transparency.
It also mandated them to avoid an ambush situation where customers only get to know of the cost of items after payment would have been made at the counter and receipt issued.
