NIGERIAN TRADERS HAVE ONE MONTH GRACE TO CRASH FOOD PRICES OR FACE PENALTIES :FEDERAL GOVERNMENT.

The Federal Competition and Consumer Protection Commission, has given traders in the country a one-month deadline of September 2024 to reduce product prices.

Tunji Bello, FCCPC vice chairman, said this during a stakeholders’ meeting on exploitative prices in Abuja on Thursday.

According to him, the Commission has discovered multiple incidents of Nigerian traders charging exorbitant prices.

He stated that a retailer in Lagos increased the price of the Ninja Fruit Blender by 500 percent, from N140,000 in Texas, United States to N944,999.00 in Victoria Island, Lagos, Nigeria.

Tunji warned traders that unethical actions such as price rigging and gouging threatened the economy’s stability.

“Violators of Section 155, whether persons or corporations, incur harsh penalties, including hefty fines and imprisonment, if proven guilty by the court.

“This is meant to prevent all parties engaged in such illegal acts. However, our current strategy is not punitive.

As a result, I encourage all stakeholders to embrace a spirit of patriotism and cooperation, Tunji says.

“we are giving a grace of one month (September) before the commission will start firm enforcement,” stated Mr. Johnson. This comes as traders at the meeting attributed the surge in commodity prices on importation expenses, shipping costs, and other factors.