Inflation: Show empathy, stop hike in prices, Abuja market boss tells traders

Amidst the hardship caused by the inflationary trend, the Chairman of the Wuse Market Traders Association in Abuja, Mr Okorie Ikechukwu-Raphael, has appealed to traders to stop excessive profiteering through deliberate hikes in the prices of goods and services.

Ikechukwu-Raphael, who noted that the government’s proactive economic policies are beginning to bring relative stability to the economy, called on traders to complement its efforts to mitigate economic hardship.

He said, “Nigerians must do their part. Traders, for instance, should avoid excessive price inflation. The Federal Competition and Consumer Protection Commission (FCCPC) has been advocating against raising prices by 200 or 300 per cent. Businesses should have a human face — sell at reasonable rates so that citizens can breathe. Give a human face to the business we are doing.”

He urged citizens to play their part in stabilising the economy, stressing that national recovery cannot be left to the government alone.

According to him, the administration of President Bola Tinubu has made progress in taming volatility in fuel prices, exchange rates, and food costs, which now fluctuate within a “manageable margin of two to five per cent.”

He said: “Last year, I noted here that the President was working hard to stabilise the economy amid turbulent exchange rates, fuel price fluctuations, and rising food costs. At that time, I predicted that by 2025, we would be on ‘cruise control.’ Today, we are seeing relative stability: fluctuations in exchange rates, petroleum products, and food items are within a manageable margin of two to five per cent. The President is now focusing on ensuring more food gets to the table of Nigerians.”

While he acknowledged that poor social infrastructure and insecurity remain crippling bottlenecks for farmers in food production, he noted that the Office of the National Security Adviser and the Ministry of Works are determined to surmount the challenges.

On the international front, he said investors’ confidence in Nigeria was improving, as the Naira now reflects “real value” in global transactions.

“Government policies are becoming more transparent, and funds are being better utilised in turnkey projects such as irrigation and water supply,” he added.

The market leader also warned that citizens, especially young people, must embrace hard work and resist the temptation of shortcuts to wealth. He called for renewed national orientation to instil confidence, discipline, and productivity.

“Nigerians also need confidence in the country and a renewed work ethic. Too many young people expect wealth overnight. Life doesn’t work that way. I grew up farming with my grandparents, producing food for our community, even while schooling. Youth should be encouraged to get educated, embrace agriculture, and engage in meaningful work. That’s how nations are built.

“Unfortunately, when you walk the streets at night, you sometimes see young people wasting their potential, and it’s heartbreaking. The government must do more to reorient our youth and show them the rewards of hard work,” he stated.

Ikechukwu-Raphael maintained that while economic reforms would take time to fully yield results, collective responsibility, moderation in pricing, and investment in agriculture would help Nigerians weather the current hardship.

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