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The Business NG - September 02, 2024

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In this issue

Nigeria Cracks Down on Price Gouging: Traders Given One Month to Reduce Prices"

The Federal Competition and Consumer Protection Commission (FCCPC) has given traders and market stakeholders a one-month ultimatum to reduce the prices of goods and services. The Commission's Executive Vice Chairman, Tunji Bello, made this announcement during a stakeholders' engagement on exploitative pricing in Abuja. Bello noted that the Commission would begin enforcement actions once the moratorium period ends.

The FCCPC has identified instances of price gouging, including a fruit blender priced at $89 in the US but sold for N944,999 in Lagos. Bello emphasized that such practices threaten the economy's stability and urged stakeholders to cooperate with the Commission. The National Association of Nigerian Traders attributed the price surge to charges on imported goods at ports and requested a task force to include their association in enforcement efforts. The FCCPC acknowledged the market stakeholders' concerns and encouraged self-reflection on the issue.

The Business NG Description:

Publisher: Tuns-Media-&-Comm-Enterprise

Category: Newspaper

Language: English

Frequency: Weekly

The BusinessNG, a leading business news publication across Nigeria and WestAfrica With a strong team of 30 staff members and a weekly print circulation of over 10,000 copies, we are poised for growth and report all political relating to business news at all level