The Chairman of Wuse Market Traders Association, Okorie Ikechukwu-Raphael, has strongly urged market traders in Abuja to refrain from arbitrary price hikes, cautioning that such actions are exacerbating the financial difficulties faced by Nigerians.
In a conversation with journalists on Friday, Ikechukwu-Raphael pointed out that the Federal Competition and Consumer Protection Commission (FCCPC) had repeatedly warned traders against inflating prices by as much as 200 to 300 percent. He called on business owners to demonstrate empathy by ensuring that their prices remain reasonable.
“Business should have a human face. Sell at reasonable rates so that citizens can breathe,” Ikechukwu-Raphael remarked. “Give a human face to the business we are doing.”
With inflation, the removal of fuel subsidies, and fluctuating exchange rates putting immense pressure on the average Nigerian, Ikechukwu-Raphael stressed the importance of businesses working together with the government to stabilize the economy. He acknowledged that the government’s efforts in stabilising fuel prices and food costs were starting to show positive results.
“The President has managed to tame fluctuations in fuel prices, exchange rates, and food costs, all of which are now moving within a manageable margin of two to five per cent,” he said. “I predicted that by 2025, we would be on ‘cruise control.’ Today, we are seeing relative stability.”
Despite this progress, Ikechukwu-Raphael admitted that issues such as insecurity and poor infrastructure continue to threaten the stability of food production and distribution in the country. However, he expressed hope that interventions from the National Security Adviser’s office and the Ministry of Works would lead to improvements in these areas.
He concluded by stressing that stabilising the economy was not the sole responsibility of the government but also required the collective effort of traders and citizens.
