The Federal Competition and Consumer Protection Commission (FCCPC) has issued a directive to traders across Nigeria to reduce the prices of goods, citing concerns over exploitative practices.
The directive was announced by the FCCPC’s Executive Vice Chairman, Tunji Bello, during a stakeholders’ engagement on exploitative pricing held in Abuja on Thursday.
Bello highlighted the Commission’s observation of collusive behavior among some traders, aimed at exploiting consumers by artificially inflating prices. In response, the FCCPC has provided a one-month grace period for traders to comply with the order before initiating strict enforcement actions.
“After the one-month moratorium, the Commission will begin enforcement against those who fail to comply,” Bello warned. He further explained that under Section 155 of the law, violators—whether individuals or corporate entities—could face severe penalties, including substantial fines and imprisonment, if found guilty by a court of law.
“Our intention is not to be punitive today,” Bello stated, urging all stakeholders to adopt a spirit of patriotism and cooperation.
“We understand that there are genuine challenges, and it is the government’s responsibility to address these issues. However, it is equally important that we acknowledge and address the intentional collusion among traders to exploit consumers.”
Bello emphasized the importance of dialogue and mutual understanding among stakeholders while warning that the FCCPC is prepared to take firm action against those who continue to engage in unfair pricing practices after the grace period ends.
