Contrary to a statement made by Nigeria’s Minister of Finance, Wale Edun, that food inflation has started slowing down, prices of commodities are still high across the country.
Development Diaries reports that Edun recently hinted that the Nigerian economy is moving in the right direction as the policies of President Bola Tinubu’s administration have started ‘slowing down food inflation’.
According to recent data from the National Bureau of Statistics (NBS), Nigeria’s inflation rate jumped to 33.20 percent in March 2024 compared to the headline inflation rate in February 2024, which was 31.70 percent.
Nigerians are still baffled that, despite some steady naira gains since March, inflation has continued to hit the roof.
In fact, as a matter of intervention, the Nigeria Employers’ Consultative Association (NECA) has demanded that the government at all levels address factors disrupting food supply to resolve the worsening food crisis confronting the country.
This is what the President Tinubu-led administration should be focused on doing instead of clapping hands in victory. It is not a win until the purchasing power of the common man is restored by ensuring a drop in the prices of commodities.
We hear that the Federal Competition and Consumer Protection Commission (FCCPC) has vowed to enforce strict regulations against traders who ‘unfairly inflate prices’ for goods and services.
That is a good move, which is in line with the agency’s mandate. However, we hope that there will be action to follow this vow. Nigerians are eagerly waiting to see the outcome of this decision on the prices of commodities.
In addition to this, many Nigerians are barely aware of their consumer rights. It has been established that a consumer has a fundamental right to be protected from unfair and abusive business practices of manufacturers and merchants, in line with the Consumer Protection Rights Act.
Development Diaries calls on the FCCPC to back up their words with actions and ensure they actually enforce fair competition and consumer protection provisions.
We also call on Nigerians to ensure they report dubious businesses to the FCCPC follow-up action. As citizens, we must make the law work for us.
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