Crash prices of goods within one month or go to jail” – FG orders traders

A one-month moratorium has been given to traders and other market stakeholders involved in pricing to crash the prices of goods in Nigeria by T
The Federal Competition and Consumer Protection Commission (FCCPC) to crash the prices.

FCCPC boss, Bello omigd wondered about the basis for the arbitrary hike in the price of the blender compared to Texas, United States of America, nothing that the unwholesome practices including price fixing were threatening the stability of the economy.

,,,According to him; “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.”

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.”

,____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.