Unbelievable: N140k Fruitblender In US Selling N944.9k in Nigeria

Is it not unbelievable that a fruitblender that costs just N140k in the United States of America (USA) is being sold a whopping N944, 999 in Nigeria.

well, that is the shocking reality of the way Nigerian traders are milling the ordinary consumer dry in the country.
But it appears that they would no longer go free with it.

This is because the The Federal Competition and Consumer Protection Commission (FCCPC) is mobilising resources to stop them.

In fact, it has given the concerned traders a one month moratorium to reduce prices in the country.

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This is coming at a time that Nigerians indeed have been groaning about exploitative prices of things in the country, mostly using existing government policy as shield.

The newly appointed Executive Vice Chairman of the FCCPC, Mr. Tunji Bello made the startling comparism of how prices are dramatically higher in Lagos than in Texas, during a one-day stakeholders’ engagement on exploitative pricing held today in Abuja.

The Executive Vice Chairman, stated that the Commission would begin enforcement actions once the moratorium period ends.

He explained that the meeting was convened to address the increasing trend of unreasonable pricing of consumer goods and services, as well as the unethical practices by market associations.

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Questioning the rationale for the arbitrary hike in the price of things in the price of things in the Nigerian market, he warned those who would want to stick to arbitrary price hikes or fixing thus:
”Under Section 155, violators whether individuals or corporate entities face severe penalties including substantial fines and imprisonment if found guilty by the court.

”This is intended to deter all parties involved in such illicit activities.
”However, our approach today is not punitive. I, therefore, call on all stakeholders to embrace the spirit of patriotism and cooperation.

”It is in this spirit that we are giving a moratorium of one month before the Commission will start firm enforcement,” he said.

Some of the dealers and merchants present at the forum tried to shift the blame, by citing lack of infrastructure and other incidental costs, this did not go down well.

For example, Mr Ifeanyi Okonkwo, the Chairman of the National Association of Nigerian Traders, FCT Chapter, was one of those who cited the the charges that traders importing goods have to pay at the ports, adding that it had increased.

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He suggested the setting up of a task force on pricing of things in the market.

Indeed, it has been unbelievable the manner in which prices have skyrocketed in the country in the recent, making life more difficult for Nigeria.

But now that the agency is stepping in, perhaps, the much expected breather for Nigerian consumers may have come.