A one-month moratorium has been given to traders and other market stakeholders involved in spiking the prices of goods to beat them down by the Federal Competition and Consumer Protection Commision.
The newly appointed Executive Vice Chairman of the FCCPC, Mr Tunji Bello, said this at a one-day stakeholders engagement on exploitative pricing on Thursday in Abuja.
According to Bello, the commission will begin enforcement after the moratorium.
He said that the meeting was to address the growing trend of unreasonable pricing of consumer goods and services and the unwholesome practice of market associations.
He said the unwholesome practices including price fixing were threatening the stability of the economy.
Under Section 155, violators whether individuals or corporate entities face severe penalties including substantial fines and imprisonment if found guilty by the court.
”This is intended to deter all parties involved in such illicit activities. However, our approach today is not punitive.
I therefore call on all stakeholders to embrace the spirit of patriotism and cooperation.
”It is in this spirit that we are giving a moratorium of one month (September) before the commission will start firm enforcement, ” he said.
Bello said the government was aware of most of the problems raised by the market stakeholders.
”We have heard and you have genuine issues and the government has the responsibility to address the problems but generally, let us talk to ourselves too.
”There are also gang-ups to exploit consumers by traders,” he said.
Some of the market stakeholders who spoke at the engagement said that the high cost of transportation, insecurity, and multiple taxation among others were reasons for the continuous increase in prices of goods and services.
The Chairman, National Association of Nigerian Traders, FCT Chapter, Ifeanyi Okonkwo, said that charges on imported goods at the Ports also contributed to the hike in prices.
Okonkwo appealed to the Commission to set up a task force and involve the association in its enforcement.
Mr Emmanuel Odugwu from Kugbo Spare Parts market said the initial cost of transportation of a trailer load of tyres from Lagos to Abuja was N450,000 but now, it costs over one million nairas to transport the same.
Mr Solomon Ukeme who represented Master Bakers Association, said that the rapid increment of major ingredients like flour, sugar, and butter contributed to the high cost of confectioneries.
He said that a bag of flour formally sold for N34,000 was now being sold for N74,000.
He said that multiple taxation was also the major cause of the high cost of bread.
PUNCH
