In a bid to tackle the growing trend of exploitative pricing in Nigeria, President Bola Ahmed Tinubu's government has given traders and market stakeholders a one-month ultimatum to significantly reduce the prices of goods. This directive was announced by Mr. Tunji Bello, the newly appointed Executive Vice Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), during a stakeholders' engagement in Abuja.

Bello emphasized that the commission would commence enforcement actions after the expiration of the one-month moratorium, stressing the need for traders to adjust their prices accordingly. He cited the example of a fruit blender, Ninja, which was found to be sold at a Texas supermarket for $89 (N140,000.00), while the same product was being sold at an inflated price in Nigeria.

The FCCPC's findings highlighted the discrepancies in pricing, prompting the government to take action. The commission's move aims to protect consumers from unfair pricing practices and promote a more competitive market environment.

Traders and market associations are expected to comply with the directive, failure of which will lead to enforcement actions by the FCCPC. This development marks a significant step towards addressing the issue of exploitative pricing in Nigeria, with the government demonstrating its commitment to protecting consumers' interests.