The Chairman of the Wuse Market Traders Association in the Federal Capital Territory, FCT, Abuja, Mr. Okorie Ikechukwu-Raphael, has warned traders against arbitrary inflation of prices.
He said the caution became necessary amid the prevailing hardship faced by Nigerians.
Speaking with journalists on Friday, Ikechukwu-Raphael said excessive profiteering was worsening the economic situation despite government efforts to stabilize the economy.
Advertisement
“Nigerians must do their part. Traders, for instance, should avoid excessive price inflation.
“The Federal Competition and Consumer Protection Commission, FCCPC, has been advocating against raising prices by 200 or 300 percent.
“Business should have a human face sell at reasonable rates so that citizens can breathe,” he cautioned.
The market leader lamented that some traders deliberately inflate prices to make as much as 300 percent profit, stressing that such practices undermine the positive gains being recorded in fuel prices, exchange rates, and food supply.
“Today, we are seeing relative stability: fluctuations in exchange rates, petroleum products, and food items are within a manageable margin of two to five percent.
“ The President is now focusing on ensuring more food gets to the table of Nigerians,” Ikechukwu-Raphael noted.
He pointed out that insecurity and poor infrastructure remain the biggest threats to food production but expressed optimism about ongoing government interventions.
He also commended the Dangote Refinery for easing distribution costs and praised the recent Nigeria-Brazil crop importation deal.
Calling for national orientation, he urged youths to embrace hard work and resist shortcuts. “Too many young people expect wealth overnight. Life doesn’t work that way.
“Youth should be encouraged to get educated, embrace agriculture, and engage in meaningful work. That’s how nations are built,” he said.
