The Federal Competition and Consumer Protection Commission (FCCPC) has revealed that traders are colluding to exploit consumers by artificially inflating the prices of goods and services, thereby contributing to rising inflation.
Tunji Bello, Vice Chairman of FCCPC, addressed the issue at a stakeholders’ meeting on exploitative pricing held in Abuja.
He explained that the meeting aimed to tackle the troubling trend of excessive pricing of consumer goods and services and the detrimental practices by market associations.
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Bello highlighted a troubling example, a fruit blender known as the Ninja was priced at $89 (N140,000) at a popular supermarket in Texas, yet the same product was listed at N944,999 in a supermarket in Victoria Island, Lagos.
He stressed that such unethical practices, including price fixing, are significantly threatening economic stability.
Bello also acknowledged the government’s awareness of various concerns raised by 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,” he said.
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