The Federal Competition and Consumer Protection Commission (FCCPC) has issued a significant directive to traders across Nigeria, granting them a one-month deadline to reduce the prices of goods and services.
This initiative aims to combat the rising inflation that has burdened consumers, with Executive Vice Chairman Tunji Bello highlighting instances of inflated prices, such as a fruit blender costing nearly N945,000 in Lagos compared to $89 in the U.S.
The FCCPC is actively engaging with market leaders and stakeholders to address these pricing issues, emphasizing the need for fair competition and consumer protection.
Failure to comply with this directive could lead to sanctions against non-compliant traders.
This move reflects the FCCPC’s commitment to ensuring that consumers have access to a variety of quality products at reasonable prices, ultimately fostering a more equitable market environment.
As the deadline approaches, the effectiveness of this initiative will be closely monitored, with the hope that it will alleviate the financial strain on Nigerian households.