The Federal Competition and Consumer Protection Commission (FCCPC) has given a one-month moratorium for traders and marketers who engage in price exploitation to lower the prices of their goods.
Mr. Tunji Bello, the newly appointed Executive Vice Chairman of FCCPC, disclosed this during a one-day stakeholders’ engagement on exploitative pricing in Abuja on Thursday.
According to Persecondnews, despite the agricultural sector contributing 22.61 percent to real GDP in the second quarter of 2024, consumers of agricultural produce continue to face escalating costs without a corresponding decrease.
The continued rise in the price of goods and services is putting a significant financial strain on Nigerian households.
Bello at the one-day stakeholders meeting indicated that the Commission plans to initiate enforcement actions as soon as the moratorium period concludes.
He said: ”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 before the Commission will start firm enforcement.
“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.”
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