The government, through its agency, the Federal Competition and Consumer Protection Commission (FCCPC), expressed worry that despite the recent appreciation of the Naira against the dollar, consumers continue to face escalating costs without a corresponding decrease in prices of goods and commodities.

“This situation is unacceptable, and the FCCPC is committed to protecting consumers from exploitation,” the Commission’s chief Adamu Abdullahi said in a statement on Wednesday.

“The FCCPC understands the significant financial strain these rising prices are placing on Nigerian households. As a result, the Commission is taking proactive steps to address this issue.

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The Nigerian government has vowed to crack down on traders who inflate commodity prices in the country. The Federal Government has expressed concern over the rising cost of goods and services in the country, which is largely due to traders hoarding and inflating prices of essential commodities.

According to the Minister of Trade and Investment, the government is determined to tackle this issue head-on and ensure that the prices of goods remain affordable for all Nigerians. The Minister has warned traders against engaging in such practices and has stated that those found guilty will face severe consequences.

Inflating commodity prices not only hurts consumers but also has a negative impact on the economy as a whole. It leads to increased inflation rates, reduces purchasing power, and ultimately hampers economic growth. The government is committed to creating a conducive environment for businesses to thrive and this includes ensuring fair pricing practices by traders.

The government has also urged consumers to report any instances of price gouging or hoarding of goods to the appropriate authorities. This will help in identifying and penalizing those responsible for manipulating prices in the market.

It is important for traders to understand that inflating commodity prices is not a sustainable business practice and will only lead to long-term consequences. The government is working towards creating a level playing field for all businesses and ensuring that consumers are not taken advantage of.

In conclusion, the Federal Government has made it clear that it will not tolerate traders who engage in price inflation. The government is committed to cracking down on these practices and ensuring that prices of essential commodities remain affordable for all Nigerians. Consumers are encouraged to report any instances of price gouging to the authorities so that appropriate action can be taken. Ultimately, fair pricing practices will benefit both businesses and consumers in the long run.