FCCPC To Engage Market Leaders And Others Over High Food Costs

The Federal Competition and Consumer Protection Commission (FCCPC) announced that in the coming days, it will engage market leaders and others in the supply and distribution chain across the country as part of a larger initiative to combat exploitative pricing of consumer goods.

Mr. Tunji Bello, Executive Vice Chairman/Chief Executive Officer of FCCPC, stated on Monday that while the exchange rate has affected the value of the Naira, prices for imported products are often disproportionate and excessive for locally produced ones.

“This unfair practice is common in the retail sector of the distribution chain, where some market associations engage in price fixing at the expense of consumers.

“Working with market leaders, the Commission believes an understanding can be reached on reasonable product pricing in order to avoid undue profiteering at the expense of consumers during a time of economic challenges.

“The Commission will continue to encourage such interaction in order to foster a better market culture that allows for trader margins while not exploiting buyers.

“The Commission’s advocacy for Nigerian consumers in this direction aligns with President Bola Tinubu’s renewed hope agenda.

“Already, the Commission has mandated supermarket operators to visibly display the prices of products displayed on their shelves to shoppers for transparency and to avoid an ambush situation in which they only find out about the prices after paying at the counter and receiving a receipt,” Bello said.