The Federal Competition and Consumer Protection Commission has given a one-month moratorium to merchants and different market stakeholders concerned in exploitative pricing to crash the costs of products.
The newly appointed Executive Vice Chairman of the FCCPC, Mr Tunji Bello, stated this at a one-day stakeholders engagement on exploitative pricing on Thursday in Abuja.
According to Bello, the fee will start enforcement after the moratorium.
He stated that the assembly was to handle the rising development of unreasonable pricing of shopper items and providers and the unwholesome apply of market associations.
Bello described the fee’s discovering {that a} fruit blender often called Ninja was being bought at a preferred grocery store in Texas for 89 {dollars} (N140,000.00) however the identical product was displayed for N944,999.00 in a grocery store in Victoria Island, Lagos.
Bello puzzled concerning the foundation for the arbitrary hike within the value of the blender in comparison with the Texas, United States of America.
He stated the unwholesome practices together with value fixing had been threatening the soundness of the economic system.
”Under Section 155, violators whether or not people or company entities face extreme penalties together with substantial fines and imprisonment if discovered responsible by the courtroom.
”This is meant to discourage all events concerned in such illicit actions. However, our strategy at this time is just not punitive. I, due to this fact, name on all stakeholders to embrace the spirit of patriotism and cooperation.
”It is on this spirit that we’re giving a moratorium of 1 month (September) earlier than the fee will begin agency enforcement, ” he stated.
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Bello stated the federal government was conscious of many of the issues raised by the market stakeholders.
”We have heard and you’ve got real points and the federal government has the accountability to handle the issues however typically, allow us to speak to ourselves too.
”There are additionally gang-ups to take advantage of shoppers by merchants,” he stated.
Some of the market stakeholders who spoke on the engagement stated that the excessive price of transportation, insecurity, and a number of taxation amongst others had been causes for the continual improve in costs of products and providers.
The Chairman, National Association of Nigerian Traders, FCT Chapter, Ifeanyi Okonkwo, stated that prices on imported items on the Ports additionally contributed to the hike in costs.
Okonkwo appealed to the Commission to arrange a process drive and contain the affiliation in its enforcement.
Mr Emmanuel Odugwu from Kugbo Spare Parts market stated the preliminary price of transportation of a trailer load of tyres from Lagos to Abuja was N450,000 however now, it prices over a million nairas to move the identical.
The Liaison Manager, Flour Mills, Ms Kemi Ashiri, stated that fines by regulators wanted to be harmonised for companies to thrive.
Ikenna Ubaka, who spoke on behalf of grocery store house owners, alleged that banks’ rates of interest to them had been over 30 per cent, lease increments and hikes in costs by distribution/ provide chains had been causes for the excessive price of products.
Ubaka additionally alleged that electrical energy distribution corporations had been charging supermarkets exorbitantly.
Mr Solomon Ukeme who represented Master Bakers Association, stated that the speedy increment of main components like flour, sugar, and butter contributed to the excessive price of confectioneries.
He stated {that a} bag of flour formally bought for N34,000 was now being bought for N74,000.
He stated that a number of taxation was additionally the key reason behind the excessive price of bread.
The News Agency of Nigeria reviews that numerous market associations additionally attended the engagement.
NAN