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ICYMI: FG allows traders a month to crash prices.

By: Adisa Deborah

 

The Federal Competition and Consumer Protection Commission (FCCPC) has placed a one-month embargo on exploitative pricing in Texas. Tunji Bello, Executive Vice Chairman, stressed the necessity of confronting the growing trend of unfair pricing and unethical behavior among market groups. Following the moratorium, the commission will launch enforcement proceedings.

 

Market parties are pressing the government to address concerns expressed by the market under Section 155, such as transportation costs and insecurity. The administration has announced a moratorium until enforcement begins in September. The government recognizes the legitimate concerns made by stakeholders but encourages them to handle their difficulties. The government bears the burden of addressing these challenges.

 

Ifeanyi Okonkwo, Chairman of the National Association of Nigerian Traders, has questioned the high cost of imported goods at ports. He petitioned the Commission for a task group to enforce the law. Emmanuel Odugwu of Kugbo Spare Parts Market cited increasing transportation costs. Ikenna Ubaka, representing grocery owners, accused banks of high loan rates, rent increases, and exorbitant electricity bills.

 

He stated that a bag of flour that was once sold for N34,000 is now being sold for N74,000.

He claimed that several taxes were also a big contributor to the high bread cost.

 

According to the News Agency of Nigeria, representatives from various market associations attended the interaction.