A pledge has been made by the Federal Competition and Consumer Protection Commission to launch an investigation into market leaders nationwide regarding their exploitative pricing of food items.
According to a statement released by the Executive Vice Chairman/Chief Executive Officer on Monday, this action is in line with the commission’s establishment Act 2028 Sections 17(l) (s),116 (2),124,125,138, and 155.
Highlighting the need to curb the exploitative pricing of consumer goods in Nigeria, the statement emphasized that the devaluation of the Naira has impacted prices, particularly for imported products, and locally produced items are being sold at excessive rates.
An unfair pricing strategy has been identified in the retail sector of the distribution chain, where some market associations are involved in price-fixing that ultimately disadvantages consumers.
Collaborating with market leaders, the Commission aims to establish an agreement on fair pricing to prevent unjust profiteering during challenging economic times.
The Commission intends to maintain ongoing dialogue with market participants to promote a market environment that allows for reasonable profit margins for traders without exploiting consumers.
In related news, Nigeria’s food inflation surged to 40.87 percent in June 2024, according to the National Bureau of Statistics, with the report on consumer price index and inflation for July anticipated to be published soon.