FG CLAMPS DOWN ON MIDDLEMEN

Friday, 19th April, 2024

                     By-Adejide

FG CLAMPS DOWN ON MIDDLEMEN

The Nigerian federal government of Nigeria begins to live up to expectation. This sudden efficiency is channeled through Consumer Protection Agency to regulate prices of commodities.

Federal Competition and Consumer Protection Commission (FCCPC) takes action to address rising prices and protect consumers. You’ll review that consumers have being going through serious hardship due to economic downslide since the removal of subsidy. It was N1900/1USD as naira hits its all-time low. Nonetheless, sudden wave lit the hope of many Nigerians when naira gradually finds its feet in international market and appreciates within weeks to N900/1 USD. Still, the latest value of naira doesn’t reflect on prices of commodities in the market.

Expressively, citizens started lamenting the exploitation they experience during this difficult situation being at the last resort in the chain of distribution. This signals the attention of FCCPC. Sequel to this, they released an official statement on Wednesday 17^th April, 2024 to show concerns regarding the prices of goods and services despite the recent appreciation of Naira against Dollar.

The situation was regarded as unacceptable and remain committed to protect consumers from exploitation. They also encouraged consumers to report suspected price hike and other unfair trade practices.

Following this unscrupulous development, FCCPC conducted targeted enforcement operations at two branches of 4U supermarket in Abuja yesterday. Discrepancies were discovered and the supermarket were temporarily sealed and reopened after evacuating 97 bags of sub-standard rice. The management of the supermarket will be required to sign an undertaking of compliance.

Dr Adamu Abdullahi, the Acting Executive Vice Chairman FCCPC promised similar exercise will be conducted in both formal and informal markets across Nigeria to eliminate unfair trade practices, price gouging, price fixing and the formation of cartels.

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