JUST-IN: FG Gives Traders One Month Deadline To Crash Prices Of Goods Nationwide

FCCPC Issues One-Month Ultimatum to Traders for Price Reduction

The Federal Government, through the Federal Competition and Consumer Protection Commission (FCCPC), has given traders and market stakeholders a one-month deadline to reduce prices of goods and services across the country.

Tunji Bello, the Executive Vice Chairman of the FCCPC, announced this at a stakeholders’ meeting in Abuja, warning that strict enforcement actions will follow if prices are not adjusted after the grace period.

Bello highlighted cases of excessive pricing, such as a fruit blender sold for $89 in the US but priced at N944,999 in Lagos. He stated that such practices harm the economy and urged stakeholders to comply, warning that violators could face severe penalties, including hefty fines and imprisonment.

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“Under Section 155, violators—whether individuals or companies—are subject to substantial fines and imprisonment if found guilty in court,” Bello emphasized. “This measure is designed to deter anyone involved in such unlawful activities.”

However, Bello clarified that the current approach is not punitive. “We are giving a one-month moratorium before the Commission begins strict enforcement, and we urge all stakeholders to act in the spirit of patriotism and cooperation,” he added.

Ifeanyi Okonkwo, Chairman of the National Association of Nigerian Traders, FCT Chapter, added that high import charges at the ports have contributed to the rising prices of goods.

Market stakeholders also pointed to factors such as import duties, transportation costs, insecurity, and multiple taxation as key drivers of price increases.