The Chairman of Wuse Market Traders Association, Okorie Ikechukwu-Raphael, has cautioned traders in Abuja against arbitrary price hike, warning that excessive profiteering was worsening the hardship being faced by Nigerians.
Speaking to journalists on Friday, Ikechukwu-Raphael said the Federal Competition and Consumer Protection Commission had repeatedly cautioned traders against raising prices by as much as 200 to 300 per cent.
He urged business owners to “put a human face” to their operations by selling at reasonable rates, adding that citizens were already under severe pressure from inflation, fuel subsidy removal and exchange rate volatility.
“Business should have a human face. Sell at reasonable rates so that citizens can breathe. Give a human face to the business we are doing,” he said.
The market leader noted that food inflation remained one of the biggest drivers of hardship across households, according to the National Bureau of Statistics.
He argued that stabilising the economy was not the responsibility of the government alone, insisting that traders and citizens must also play their part.
According to him, President Bola Tinubu’s administration has succeeded in taming fluctuations in fuel prices, exchange rates and food costs, which now move within what he described as a “manageable margin of two to five per cent.”
“Last year, I predicted that by 2025, we would be on ‘cruise control.’ Today, we are seeing relative stability. The President is now focusing on ensuring more food gets to the table of Nigerians,” he said.
Ikechukwu-Raphael admitted, however, that insecurity and poor infrastructure still threatened food production and distribution. He expressed optimism that interventions by the National Security Adviser’s office and the Ministry of Works would improve the situation.
