3 months ago
49
By Tobi Awodipe
13 August 2024 | 3:22 am
The Federal Competition and Consumer Protection Commission (FCCPC) has stated that disproportionate pricing of imported goods, mostly among retailers, is responsible for inflation in consumer goods in the country.
Photo: TheICIRThe Federal Competition and Consumer Protection Commission (FCCPC) has stated that disproportionate pricing of imported goods, mostly among retailers, is responsible for inflation in consumer goods in the country.
The commission said that in a bid to correct this, it will be engaging leaders of markets and others in the supply and distribution chain across the nation as part of a broader initiative to check what it termed ‘exploitative pricing of consumer goods.’
The commission’s Executive Vice Chairperson/Chief Executive Officer (CEO), Tunji Bello, that while they recognise that the exchange rate has impacted the value of the naira, it is been observed that prices are, in most cases, disproportionate for imported products and excessive for locally produced ones.
He stressed that this unfair practice is prevalent in the retail segment of the distribution chain where some market associations are engaged in price fixing at the expense of consumers.
Bello added that in working with the market leaders, they believe that an understanding can be reached on reasonable pricing of products to eschew undue profiteering at the expense of consumers at this time of economic challenge.
He revealed that this interaction will be sustained by the Commission to foster a better market culture that makes allowance for the trader’s margin without leaving buyers exploited.
“The Commission’s advocacy for Nigerian consumers in this direction is consistent with the agenda of the Presidency,” he said, pointing out that they have already mandated supermarket owners to visibly display the prices of products.
NOW
The Federal Competition and Consumer Protection Commission (FCCPC) has stated that disproportionate pricing of imported goods, mostly among retailers, is responsible for inflation in consumer goods in the country.
8 mins ago
The Coordinator of the Network on Police Reform in Nigeria (NOPRIN), Comrade Jude Ojiugo-Onochie, has accused the police crack team attached to the Delta State Police Command of allegedly taking "deliberate steps to kill" his case against two police officers in the state.
22 mins ago
The Nigerian Society of Engineers (NSE), Victoria Island branch, yesterday, said it had compiled and submitted a report on how to end building collapse in Lagos State to the state government.
22 mins ago
Former Vice Chancellor of Osun State University and the current Executive Secretary/Chief Executive Officer (CEO), African Forest Forum, Nairobi, Kenya, Prof. Labode Popoola, has lamented the unwillingness of some Nigerian youths to work in farms.
36 mins ago
The August edition of the monthly literary series CORA Book Trek, a reading and discussion session by stakeholders in literature and other interested professionals that appreciate learning opportunities, has been scheduled to be held on Thursday, August 15, 2024, at the Freedom Park, Kongi’s Harvest Hall, on Campbell Street, near Tafawa Balewa Square (TBS), Lagos.
38 mins ago
The Nasarawa State Police Command has arrested one Shuaibu Isiaka for defrauding members of the public of N17 million.
1 day ago
Nigerian businessman Femi Otedola, through his foundation, Femi Otedola Foundation (FOF), has gifted N5 million to Sodiq Olayode, whose wife Abiodun recently gave birth to quadruplets. An X user, identified as James, who is a friend of Sodiq, facilitated the contribution of over N16 million from Nigerians after seeking financial assistance for the couple on…
1 day ago
President Bola Tinubu on Monday, commissioned the first set of Compressed Natural Gas (CNG) buses at the Presidential Villa, Abuja. The buses, numbering 20 in the first batch, were produced locally by Innoson Motors. The government had expressed optimism that the buses will help to ease transportation problems, especially in the Federal Capital Territory (FCT)…
1 day ago
The Minister of Defence, Dr Bello Matawalle, made this known on Monday while briefing newsmen as part of activities lined up to celebrate Defence Industries Corporation of Nigeria's (DICON) 60th anniversary. The minister said that through collaboration and innovation, the corporation had established itself as a key player in the defence sector. He added that…
1 day ago
A Nigerian man, Brendan Nwabichie, whose car was destroyed during the UK riots said a new Go Fund Me link has been opened on his behalf. Nwabichie said this on Monday in a statement posted on the X account of the Nigerians in the UK Community. "Hello everyone, I would Ike to address the recent…
English (US) ·