CPPE has advised the Federal Competition and Consumer Protection Commission (FCCPC) to avoid controlling the prices of goods.
The Centre for the Promotion of Private Enterprise has advised the Federal Competition and Consumer Protection Commission to avoid controlling the prices of goods.Tunji Bello, executive vice-chairman and chief executive officer of FCCPC, said businesses involved in price fixing and gouging, would be penalised, as both practices harm consumers and are considered unfair business practices.
He said intense competition makes profiteering difficult and diminishes the chances of exploitation of consumers, as they will have multiple options.“The retail sector of the economy is characterized by a multitude of players. There are an estimated eight million retailers in the trade sector of the Nigerian economy. And there are thousands of supermarkets, departmental stores and markets across the country.
He also mentioned high cargo clearing costs, the impact of the insecurity on food production, climate change and global factors disrupting supply chains. He said fixing the fundamentals driving production, operating and distribution costs which resulted in spiralling inflation is the solution.
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