By Ayodele Ifasakin
The Federal Government has issued a stern warning to traders and market stakeholders to reduce prices of goods and services nationwide within one month or face enforcement actions.
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The Federal Competition and Consumer Protection Commission (FCCPC) made the announcement at a stakeholders' engagement in Abuja, citing exorbitant pricing practices that threaten the economy.
Executive Vice Chairman Tunji Bello warned that violators face severe penalties, including fines and imprisonment, but emphasized that the approach is not punitive, urging stakeholders to cooperate and embrace patriotism.
The Market stakeholders attributed price hikes to factors like import charges, transportation costs, insecurity, and multiple taxation.
The FCCPC's move aims to curb illicit pricing practices, such as a fruit blender priced at $89 in the US but sold for N944,999 in Lagos. The commission will start firm enforcement after the one-month moratorium, and stakeholders are urged to comply to avoid severe consequences.
