Neria’s consumer watchdog, the Federal Competition and Consumer Protection Commission (FCCPC), has launched a crackdown on unfair pricing in Masaka market, Nasarawa state, following complaints from consumers that prices continue to rise despite the naira’s appreciation against the dollar. The commission’s director of surveillance and investigations, Boladale Adeyinka, confirmed the price monitoring and surveillance exercises on Tuesday, aimed at curbing exploitative pricing practices.
Adeyinka reiterates the importance of ongoing surveillance to safeguard consumers from unfair pricing practices and ensure prices remain regulated. “This fact-finding and investigative mission enables us to gather firsthand information from sources, supporting our continued efforts to promote fair food prices. Despite the declining exchange rate, we’re still witnessing exorbitant price hikes, which is a concern we’re addressing through this campaign,” she explained.
“We’re engaging with three key stakeholder groups to gain a comprehensive understanding: market executives, sellers, and consumers. As a critical hub for direct food supply from farms to markets, we’re examining the entire value chain to identify how prices and cost variables interact. In our meeting with market executives, we explored potential factors contributing to pricing, such as levies and taxes, which are ultimately passed down to consumers. After all, consumers bear the final cost of any business, making it essential to understand the intricacies of the supply chain and its impact on pricing.”
According to a yam seller, multiple taxes are imposed, contributing to the escalating costs borne by sellers, which are ultimately passed on to consumers. The seller revealed that the price of a heap of yams has skyrocketed from N15,000 to N70,000, citing factors such as increased transportation costs, high pesticide expenses, and the lingering impact of insecurity and herdsman crises in the village, which have disrupted supply chains and driven up prices.
In conclusion, Adeyinka said that the commission will take decisive action by compiling a comprehensive report on the multiple taxes and advising the government on strategies to streamline or eliminate unnecessary taxes, thereby reducing the burden on consumers. Additionally, the commission will engage with market executives to ensure that there are no restrictions on the supply of goods, promoting a competitive market environment where increased supply leads to lower prices. This intervention will also help to dismantle anti-competitive practices by cartels, fostering a fairer and more transparent market ecosystem.
Haruna Yusuf