The Centre for the Promotion of Private Enterprise, CPPE has urged the Federal Competition and Consumer Protection Commission to avoid a price control mindset. The Director of CPPE, Dr Muda Yusuf disclosed this in a statement on Sunday.
The CPPE comments come days after FCCPC issued a month ultimatum to traders, and businesses to crash the prices of goods. Reacting, CPPE said the disproportionate focus of FCCPC on the retail segment of the economy calls for concern. The economic think-tank group stressed that Consumer protection is not about directly seeking to control prices at the retail end of the supply chain.
Intense competition makes profiteering difficult and diminishes the chances of exploitation of consumers. When consumers have choices, it is difficult to exploit them. '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. There are thousands of supermarkets, departmental stores and markets across the country.
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