On Monday, the Federal Competitors and Shopper Safety Fee (FCCPC) stated it’s set to have interaction with market leaders and stakeholders throughout Nigeria to deal with exploitative pricing practices within the retail sector.
The initiative comes as Nigerians grapple with inflation, exacerbated by hovering meals costs and chronic financial challenges.
In line with a press release by the Govt Vice Chairman and Chief Govt Officer of the FCCPC, Tunji Bello, the fee has noticed that costs for client items, significantly within the retail sector, are sometimes disproportionate.
Imported merchandise are continuously priced excessively, whereas native merchandise additionally see unjustified value will increase, including that market associations have been implicated in value fixing, additional compounding the monetary pressure on customers.
“Whereas it’s recognised that the alternate fee has impacted the worth of the Naira, it’s, nevertheless, noticed that costs charged are, typically, disproportionate for imported merchandise and extreme for regionally produced ones.
“This unfair follow is prevalent within the retail phase of the distribution chain the place some market associations are engaged in value fixing on the expense of customers,” it learn.
To deal with these considerations, the FCCPC stated it plans to work carefully with market leaders to foster affordable pricing practices.
Article Web page with Monetary Help Promotion
The fee stated it goals to mitigate undue profiteering and be certain that customers will not be unfairly burdened, significantly throughout financial hardship.
This effort, it stated, aligns with President Bola Tinubu’s renewed hope agenda, which seeks to reinforce client safety and financial stability.
For transparency, the FCCPC stated it has already mandated that supermarkets visibly show product costs to consumers, guaranteeing that customers are conscious of prices earlier than finishing their purchases.
This measure is meant to stop conditions the place costs are solely revealed on the checkout, selling fairer buying and selling practices.
As of June, Nigeria’s annual inflation fee rose for the fifth consecutive month, reaching 34.19 per cent. Notably, the meals inflation fee surged to 40.87 per cent year-on-year, marking a dramatic improve of 15.62 share factors from June 2023, when it stood at 25.25 per cent.
READ ALSO: Coca-Cola Nigeria adopted misleading branding practices, FCCPC alleges
The escalation in meals prices has been attributed to numerous components, together with insecurity in main food-producing areas and difficulties farmers face in accessing their fields.
These points have disrupted agricultural manufacturing and provide chains, resulting in increased costs for imported and regionally produced items.
Help PREMIUM TIMES’ journalism of integrity and credibility
At Premium Occasions, we firmly imagine within the significance of high-quality journalism. Recognizing that not everybody can afford pricey information subscriptions, we’re devoted to delivering meticulously researched, fact-checked information that is still freely accessible to all.
Whether or not you flip to Premium Occasions for each day updates, in-depth investigations into urgent nationwide points, or entertaining trending tales, we worth your readership.
It’s important to acknowledge that information manufacturing incurs bills, and we take satisfaction in by no means inserting our tales behind a prohibitive paywall.
Would you contemplate supporting us with a modest contribution on a month-to-month foundation to assist keep our dedication to free, accessible information?
Make Contribution
TEXT AD: Name Willie – +2348098788999
