For the Federal Competition and Consumer Protection Commission (FCCPC), the federal agency in charge of ensuring the rights of the Nigerian consumers are not violated, there is more to the increment in the prices of goods and services, than meets the ordinary eye.
At a ‘One-Day Stakeholders’ Engagement On Exploitative Pricing’ organised by the commission in Lagos, recently, its Executive Vice Chairman, Tunji Bello, was unambiguously clear about this.
Bello, while engaging stakeholders, in the production and distribution value chain of the economy, led by the Iyaloja General, Folasade Tinubu-Ojo, at the event, explained that the stakeholders’ engagement had become imperative; since the continued rise in the prices of goods and services remained a source of concern to the government.
According to him, the engagement with the stakeholders, comprising captains of large/small-scale industries, leaders of market associations, transport operators and service providers, designed to court their support, as the commission intensifies its war against price-fixing, gouging and unethical market practices.
According to him, there were cogent reasons for embarking on such a venture. The meeting, he explained, was informed by some startling discoveries, made by the commission during its survey in the nation’s major markets, of some unethical market prices, from traders, and some market leaders.
“We discovered that some traders form cartels in the markets and put barriers in form of ridiculous membership fees intended to ensure price fixing in the market. Without joining them, they won’t allow anyone to sell goods in the market or provide services,” he stated.
The FCCPC boss stated that while the aim of the commission is not to fix prices, he however insisted that price fixing, price gouging and unethical market practices remain strange to the law, and constitute some of the offences the Commission is against.
Interestingly, the meeting was not in short supply of intrigues, accusations and counter-accusations as stakeholders took turn to respond to the FCCPC boss’ comments.
Princess Olaoti Shodiya Ade, representing the All Farmers Association of Nigeria (AFAN), also echoed the above sentiments. Market stakeholders must shelve their ‘coat of greed’, to effectively check the rising food and commodities prices.
She stated that different levies are imposed on traders, by some market leaders, before allowing them to sell their wares.
Princess Shodiya believed these practices remain one of the factors responsible for exorbitant prices of goods in the market, since those traders pass on the costs to the consumers.
She therefore made a passionate appeal to the Iyaloja General to carry out some discreet investigations, regarding the claim, with the aim of the correcting the anomalies.
Princess Shodiya’s remarks however drew the ire of some traders and market leaders at the engagement. For instance, one of the market leaders, Mrs. AbimbolaJ inadu, would rather attribute the current development in the market to the deplorable state of the nation’s roads and the multiple levies being imposed on traders by some state agents.
She denied the allegations of price fixing and unwholesome practices, levelled against the market leaders by the representative of AFAN, insisting that levies paid by traders are for the maintenance of the markets.
Interestingly, the Director General, National Association of Chambers of Commerce , Industry, Mines and Agriculture, NACCIMA, Dr. OlusholaObadimu, would rather attribute the development to the unpredictability of the nation’s business environment.
“Our members’ major concern is the likelihood of not meeting commodity at the price they last bought such commodity, when next they go to the market. But we believe if the economy stabilises, we’ll come back to live our normal lives,” he stated.
The Iyaloja General, Mrs. FolasadeTinubu-Ojo would however appeal to the traders to join hands with the Federal Government in its task of crashing prices of goods and services, by making their profit-margins as minimal as possible, and not take advantage of consumers in these trying economic times.
She also appealed to the commission to organise another stakeholder’s engagement that would comprise not only manufacturers and traders, but the police, the Federal Road Safety Corp (FRSC), men of the customs services, and even local government officials, and others, to enable the commission find a lasting solution to the challenge.
Interestingly, the FCCPC boss has accepted the challenge. The commission is ready to organize another meeting where all those other critical stakeholders will be involved.
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