On Monday, the Federal Competition and Consumer Protection Commission (FCCPC) said it is set to engage with market leaders and stakeholders across Nigeria to address exploitative pricing practices in the retail sector.

The initiative comes as Nigerians grapple with inflation, exacerbated by soaring food prices and persistent economic challenges.

According to a statement by the Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, the commission has observed that prices for consumer goods, particularly in the retail sector, are often disproportionate.

Imported products are frequently priced excessively, while local products also see unjustified price increases, adding that market associations have been implicated in price fixing, further compounding the financial strain on consumers.

“While it is recognised that the exchange rate has impacted the value of the Naira, it is, however, observed that prices charged are, in most cases, disproportionate for imported products and excessive for locally produced ones.

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