Price control action by the government through the FCCPC (2).

[Rruchi man]

Already created on bitcointalk for opinions, sharing here also for the opinion of forum members here.

Many Nigerians like myself have often complained about the unregulated nature of prices in the market and some big superstores, where the sellers and owners fix prices at their discretion without consideration of the customers buying. Exchange rates have reduced, but there are still marketers who have refused reducing the prices of their goods as quickly as they were to increase it.

The Federal government through an agency that I just heard recently but have been founded since have started price control actions to make sure that marketers that are taking advantage of Nigerians are brought to book.

The Federal Competition and Consumer Protection Commission (FCCPC) is the agency of government that has swung into action and closed down some supermarkets in the capital city for unfair prices.

The Federal Government on Thursday initiated sporadic enforcement raids at multiple supermarkets and markets within the Federal Capital Territory to ensure adherence to price display and quantity regulations, aiming to reduce the cost of food commodities nationwide.

It also said it would continue unannounced inspections at super and open markets in Lagos, Port Harcourt, Kaduna, and Ibadan in the coming weeks to probe the abnormal price surges and take firm measures against any companies caught engaging in unfair market practices like price manipulation, excessive pricing, or cartel formation.

During the exercise that lasted several hours, the FCCPC sealed 4U Supermarket

source

What do you think? and how long will this agency be able to stay corruption free? Because it is not impossible for big supermarkets and stores to begin bribing the officials of this agency to allow them with their illegal prices.

[DannyD234]

I just pray this agency stay true to what dey were created for but me and u know say it won't be long before companies start bribing them to turn a blind eye to there unlawful practices  because it will be hard for this agency to resist temptations especially being bribed by big companies and corporations because the verdict of this agency will will ruin there reputation and integrity of such companies and corporations.

[Charles-Tim]

So have the prices of the goods become less expensive?

Many Nigerians like myself have often complained about the unregulated nature of prices in the market and some big superstores, where the sellers and owners fix prices at their discretion without consideration of the customers buying. Exchange rates have reduced, but there are still marketers who have refused reducing the prices of their goods as quickly as they were to increase it.

In my area, you will see some supermarket selling cheaper than in the markets. But there are some products in the markets that you will see cheaper than in supermarket. This is not just about supermarket, but about all sellers in Nigeria.

Not only that the exchange rate reduced in price, but diesel also reduced in price.

What we noticed recently is that FCCPC noticed that the goods are just expensive due to some other reasons like taxation and low supply, herdmen attack on farmers and transportation.

But diesel has reduced in price. Although, petrol did not reduce in price but also not increasing.

[SmartGold01]

This was what I have been saying when a brother @Charles-Tim created a topic about dollar depreciating but price of things aren't going the same.
This agencies now explain fully what I was trying to talk over that post.. please can you quote it here at charles so you would see what I was saying that we need a labor union to control the price of things and this post directly reflect to I was trying point out.

Now that we have an agency to control the price of things in states and cities you would see that prices will quickly starts reflecting accordingly to how dollar is decreasing. This is a good initiatives and as far as I know, there will be no corruption to be attached because I believe those people are also facing the hit of price increase of food stuff and other products.

[Cryptsafe]

This is a welcome development. I pray they stay up and doing their task as assigned to them. This should have been the measures put in place onset from when the price battle started so that everything would go accordingly but they delayed the whole process and made it looks like a joke.
We pray this agency carry on with utmost integrity and void of any compromise.
This price saga made me thinking if our own locally produced goods were imported. It is very disappointing that our own local producers are also taking advantage of situations when they should have been of support to her own citizens to promote our locally produced goods but they were carried away by dollar price joining the band wagon to rip her citizens.

[Rruchi man]

We pray this agency carry on with utmost integrity and void of any compromise.
This price saga made me thinking if our own locally produced goods were imported. It is very disappointing that our own local producers are also taking advantage of situations when they should have been of support to her own citizens to promote our locally produced goods but they were carried away by dollar price joining the band wagon to rip her citizens.

Do you know that in an online pool in 2023, the FCCPC was recognized as the most transparent government agency?

The Federal Competition and Consumer Protection Commission (FCCPC) has been acknowledged as the most efficient and transparent government agency in Nigeria in an online poll.

source
The other government agencies in the survey were NAFDAC, NCAA, NCC, NERC, NITDA, NOSDRA and SON.
How long can they stay efficient and transparent?

In further news, the FCCPC exercise is expanding slowly, so we will begin seeing the effects of their actions soon on the price of commodities.

The Federal Competition and Consumer Protection Commission, FCCPC, continued its crackdown on price irregularities in local markets, conducting a monitoring exercise at Masaka market in Nasarawa State on Friday

source

[Agbe]

Dey Play

When you what to do something, you don't have to do it in only one location. At first they would making massive employment to the department for us to know that they are serious about the regulatory movement. And after the employment then all the 36 states then allow all to work at once and not working only from one side. It will not have too much effect on market regulation. And if they are working from only one state the it is child play.

[Cryptsafe]

We pray this agency carry on with utmost integrity and void of any compromise.
This price saga made me thinking if our own locally produced goods were imported. It is very disappointing that our own local producers are also taking advantage of situations when they should have been of support to her own citizens to promote our locally produced goods but they were carried away by dollar price joining the band wagon to rip her citizens.

Do you know that in an online pool in 2023, the FCCPC was recognized as the most transparent government agency?

The Federal Competition and Consumer Protection Commission (FCCPC) has been acknowledged as the most efficient and transparent government agency in Nigeria in an online poll.

source
The other government agencies in the survey were NAFDAC, NCAA, NCC, NERC, NITDA, NOSDRA and SON.
How long can they stay efficient and transparent?

In further news, the FCCPC exercise is expanding slowly, so we will begin seeing the effects of their actions soon on the price of commodities.

The Federal Competition and Consumer Protection Commission, FCCPC, continued its crackdown on price irregularities in local markets, conducting a monitoring exercise at Masaka market in Nasarawa State on Friday

source

No doubt they are well recognised and as a matter of fact, they are fast rising federal government agency that are duly empowered for such exercise but however, it has always been the culture of government agencies to go aloof at some point in time when they see they have started gaining traction and winning the heart of the masses.
Corruption is not a new thing again in Nigeria as virtually all the federal agencies and establishments are guilty of such. I would not be surprised in the nearest future that the agency is falling short of expectations as required of them.

[DaNNy001]

This type of body is what the government really needed inorder to rectify some very stupid error that has been going with the price of some goods and commodity in the country. I believe the government that once actually took things into their hands in terms of price correction was the military government and they did it very well because they came out and actually sold things of market women and men by themselves for the right price and then gave them back the money to go and restock it.

[Cryptsafe]

This type of body is what the government really needed inorder to rectify some very stupid error that has been going with the price of some goods and commodity in the country. I believe the government that once actually took things into their hands in terms of price correction was the military government and they did it very well because they came out and actually sold things of market women and men by themselves for the right price and then gave them back the money to go and restock it.

The military rule by decree while the civilian government rule by constitution.. so therefore the military and civilian settings and leadership are quite different.
In the military government, the people are forced to do accordingly by the  military because the fear of being arrested without any contest would be in their subconsciousness and.that would trigger citizens to always do the right thing. I was thinking that the civilian government would be far much alright but the reverse is the case in our beloved nation.

[Rruchi man]

I was thinking that the civilian government would be far much alright but the reverse is the case in our beloved nation.

We as citizens have even taken advantage of the fact of the free pass given by the civilian rule for you to set prices as you wish and sell at a price that could be different from other vendors. And because it is a free pass these people who set their cost of goods are ridiculous prices know that they will get away with it because it is a civilian government, this is why many vendors have still refused refusing the cost of the commodities. If it is a military government, vendors will have fear even before being warned.

[Cryptsafe]

I was thinking that the civilian government would be far much alright but the reverse is the case in our beloved nation.

We as citizens have even taken advantage of the fact of the free pass given by the civilian rule for you to set prices as you wish and sell at a price that could be different from other vendors. And because it is a free pass these people who set their cost of goods are ridiculous prices know that they will get away with it because it is a civilian government, this is why many vendors have still refused refusing the cost of the commodities. If it is a military government, vendors will have fear even before being warned.

You are right sir. The civilian government really stands for freedom and that is what her citizens are benefiting from. It is disappointing that the price of commodities are being manipulated by vendors just for the fact that it is a civilian rule so everyone has the right to do whatever they feel like doing. This can never happen during the military regime. It is either you do the military government bidings or you forget about it and it would be done forcefully they don't care. As long as it is a good move to save the masses and average citizenry, it is okay by them.