FCCPC Takes Steps To End Exploitative Pricing In Market Places

The Federal Competition and Consumer Protection Commission, FCCPC, has reiterated its commitment towards putting an end to exploitative pricing of consumer goods and services in the country.

The Executive Vice Chairman of FCCPC, Mr Tunji Bello stated this in Abuja during a Stakeholders Forum On Exploitative Pricing in Nigeria’s market places.

He said the aim was to among other things establish a framework for reasonable pricing that benefits all stakeholders particularly the consumers who are the backbone of the nation’s economy.

“”Our purpose here today is to address an issue of critical national importance everyone is complaining about which is the growing trend of unreasonable pricing of consumer goods and services across the country on the one hand and the unwholesome practice of market associations engaged in price fixing on the other hand and this i am sure you will all agree with me has eroded consumer trust and is threatening the stability of our economy ” Mr Bello stressed.

According to him, the initiative align with the renewed hope agenda of President Bola Tinubu which prioritizes the welfare of Nigerians in all economic activities.

In his words “As a responsive organization, let me inform you that we have carried out discreet market survey extensively across the country in the past few weeks and our findings are quite disturbing to put it mildly, therefore our gathering here today is to underscore the gravity of the situation and urgency of the need that we both work together to check this unwholesome development”.

The Executive Vice Chairman of FCCPC therefore solicited the support of all stakeholders towards protecting Nigerian consumers from exploitation and allow them to have value for their money.

Mr Bello who said FCCPC is exploring the option of dialogue with stakeholders explained that the Commission would start firm enforcement from next month on exploitative pricing in market places.

While reiterating the commitment of FCCPC in continuing the dialogue, monitoring compliance and taking decisive actions where necessary, Mr Tunji Bello advised traders to shun sharp practices to avoid sanctions.

Earlier, the Executive Commissioner, Operation, FCCPC, Dr Abdullahi Adamu said the Commission would continue to embark on programmes that would better the lots of Nigerian consumers.

Other speakers at the forum commended FCCPC for its sensitization campaigns towards promoting the rights of consumers in the country.