The Organized Private Sector (OPS) has cautioned the Federal Competition and Consumers Protection Commission (FCCPC) against attempting to control prices dictated by market forces. This warning comes amid concerns that the FCCPC may be considering measures to regulate prices in response to recent economic challenges.
During an interview with Arise TV, representatives from the Nigeria Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) and the Nigeria Employers’ Consultative Association (NECA) voiced their opposition to any such regulatory actions. They argued that price control efforts could lead to negative consequences, such as hoarding and further economic distortion.
Adewale Oyerinde, the Director-General of NECA, explained that rising prices are driven by factors such as high fuel and energy costs, fluctuating exchange rates, and an unfriendly regulatory environment. He criticized the FCCPC’s one-month deadline for price reductions as a misguided attempt to enforce price control, which he believes could contradict the government’s market-driven economic policies and deter potential investors.
Dele Oye, President of NACCIMA, highlighted the role of government policies in contributing to high costs. He pointed out that the focus on revenue generation over economic growth, coupled with inconsistent policies, has created challenges for businesses. Oye called for a collaborative approach to address the root causes of price fluctuations, emphasizing the need for a business environment that encourages competition and innovation.
Both leaders stressed that the solution to exploitative pricing lies in government action to create an enabling environment for businesses, rather than imposing price controls that could harm the economy and consumer interests.
