The federal government has issued a warning to traders to lower the pricing of goods and services within a period of one month.

The newly appointed Executive Vice Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), Tunji Bello made this announcement during a stakeholders’ engagement on exploitative pricing on Thursday, August 29, in Abuja.

Addressing the growing trend of unreasonable pricing of consumer goods and services, Bello noted that the Commission’s investigation showed that a fruit blender known as Ninja was being sold at a popular supermarket in Texas for 89 dollars (₦140,000.00) but the same product was displayed for ₦944,999.00 in a supermarket in Victoria Island, Lagos.

Bello questioned the decision behind such an inflated price compared to the pricing in Texas, United States of America. This he believes threatens the stability of the economy.

He said: "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 (September) before the Commission will start firm enforcement."

"We have heard and you have genuine issues and the government has the responsibility to address the problems but generally, let us talk to ourselves too.

"There are also gang-ups to exploit consumers by traders."

In defense, some of the market stakeholders blamed the high cost of transportation, insecurity, and multiple taxation for the continuous increase in prices of goods.