FG Vows Clampdown On Traders Inflating Commodity Prices


The FCCPC expressed worry that despite the recent appreciation of the Naira, consumers continue to face escalating costs in the prices of goods.

By Kayode Oyero
Updated April 17, 2024

The Federal Government has vowed to take stringent regulatory measures against traders “unfairly inflating prices” of goods and commodities.

The government, through its agency, the Federal Competition and Consumer Protection Commission (FCCPC), expressed worry that despite the recent appreciation of the Naira against the dollar, consumers continue to face escalating costs without a corresponding decrease in prices of goods and commodities.

“This situation is unacceptable, and the FCCPC is committed to protecting consumers from exploitation,” the Commission’s chief Adamu Abdullahi said in a statement on Wednesday.

“The FCCPC understands the significant financial strain these rising prices are placing on Nigerian households. As a result, the Commission is taking proactive steps to address this issue.

“While the FCCPC cannot directly regulate prices, the Commission will utilise its existing legal framework to enforce fair competition and consumer protection provisions.

“This includes monitoring and investigating unusual price hikes, addressing complaints filed by consumers, and taking action against any businesses found to be engaging in anti-competitive practices such as price-fixing, price gouging or cartel formation.”

The Commission said its operatives have been directed to intensify monitoring of both formal and informal markets, where businesses may be taking advantage of market conditions to unfairly inflate prices, and ramp up enforcement activities.

“The operatives will be working collaboratively with trade associations, farmer groups, and other stakeholders to identify and remove unnecessary barriers to entry in various sectors, combat price-fixing, and dismantle cartels. This will encourage increased competition, ultimately leading to lower prices for consumers.”

‘Economy In Right Direction’

Meanwhile, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said that the Nigerian economy is moving in the right direction as policies of the new administration has started slowing down food inflation.

The minister spoke virtually on Channels Television’s Business Incorporated programme on Tuesday from Washington DC where he is attending the IMF-World Bank Spring Meetings.

Prices of food and basic commodities have gone through the roof in the last weeks, as Nigerians battle one of the country’s toughest economic crises sparked by the current government’s twin policies of petrol subsidy removal and unification of forex windows.

On Monday, the National Bureau of Statistics (NBS)’s Consumer Price Index (CPI) report showed that the food inflation rate in March 2024 stood at 3.62%, showing a decline of 0.17% from February 2024, when it was 3.79%. But despite the drop recorded by the NBS, many Nigerians have lamented that the reduction has not reflected in the cost of basic food items like garri, millet, yam, bread coupled with energy and housing costs.

Though the naira has appreciated against the dollar in recent weeks, gaining over 40%, from about N1,900/$ to about N1,100/$1 now, inflation rate stood at 33.20% for March 2024 and interest rate at 24.75%.

https://www.channelstv.com/2024/04/17/fg-vows-clampdown-on-cartels-traders-inflating-commodity-prices/

Absolute nonesense

Una inflate electricity prices. Remove the log of wood from una government first.

The FG are bloody clowns. Inflation is 40% and instead of them to be contrite, they're still saying rubbish?

So it's our teeth we'll use to grow foods na. The north has been practically overrun with 1st class citizens - fulani herdsmen. Govt, from Buhari to Tinubu, are keeping quiet.

Fuel is expensive. Will they use wheelbarrow to transport the food to the markets?

Even to import na wahala. The customs are a bunch of fantastically corrupt entities. Fisayo Soyombo did a crusade against them for WEEKS and the entire Nigerian government and security officials turned a blind eye. Haaaa. That was the height of shamelessness and public disgrace.

This government is extremely silly, intellectually lazy and holistically dumb. I am tired.

Nigeria problems is relatively large. It is not just Tinubu that is the problem but you see those wholesalers and retailers re greedy bastards

How Is the FG going to do this?

That's good

FG should clamp down on herself for not crashing prices of fuel. Yeah, I know your thoughts, "you're like they're talking about goods that skyrocketed when Dollar was insanely high.... However, for prices of goods to crash across board FG got to make the prices look good for the peasants.

Ok

Very very very Good,,, deal with Dem, lock their shops, destroy their goods, kill them all....😐😐....una say na dollar,, yet dollar is going down drastically,,,, yet de prices of goods are still desame......

Nigerians are de most wicked set of pple dat ever roamed de earth😐..... Greed and get-rick-quick syndrome is de problem of Nigerians....

PlasmaTV:
The FG are bloody clowns.

What is clownish about what they've said here? Hepp me understand

I hope they take this serious.

Ochi chi IdiAmin of Uganda

What of those that stock when naira depreciated?

Way to go,very good!

In one year this government has taken three steps which drive high inflation.

Subsidy removal, floating the naira and increasing electricity tariffs.

Don't go chasing Paul for what Simon has caused.

Stories for the gods.

Better

This current government have been able to communicate to Nigerians regularly.

Kudos to them

Obi people will start to collect... This is a good development.

Hehehe

Igb0s won't like this because they enjoy the abnormal profits they are making at the moment.

We keep blaming the leaders but some of the led are worse

Was dollar actually the issue in the first place?

Come and start from Lokoja please... This place is a real hell

Noted.

So they can't form a formidable task force to oversee all these?

Obedients should be held for hollistic price inflation in the Country. The progress of this Country isn't in their prayer point at all.

Don't really blame them. Importing at 1,800 to a dollar and selling at 1,200 no go easy oh. FG should help them.

Mtchewww

Na as person take buy market e go take sell am. Subside certain food stuff and commodity since you've removed subsidy for fuel and electricity and stop the billions of naira you're giving the governors as palliative (which has not effect or any impact in the life of the common man) and see whether food prices will drastically drop or not.

Jestin:
Nigeria problems is relatively large. It is not just Tinubu that is the problem but you see those wholesalers and retailers re greedy bastards

those that buy directly from companies (company distributors. They are big financially that some companies are just producing for them. They determine the prices, hoard goods at will, and sell to those they wish to. They are the problem.