Abuja Market Leader Warns Traders Against Excessive Price Hikes

The Chairman of the Wuse Market Traders Association in Abuja, Okorie Ikechukwu-Raphael, has cautioned traders against arbitrary price hikes, stating that excessive profiteering is exacerbating the economic hardship faced by Nigerians.

He emphasized that traders should “put a human face” to their operations by selling at reasonable rates, considering the severe pressure citizens are under due to inflation, fuel subsidy removal, and exchange rate volatility.

Ikechukwu-Raphael noted that the Federal Competition and Consumer Protection Commission has repeatedly warned traders against raising prices by as much as 200 to 300 percent. He urged business owners to show empathy towards consumers and avoid exploiting them through exorbitant prices.

According to the market leader, President Bola Tinubu’s administration has made progress in stabilizing the economy, with fluctuations in fuel prices, exchange rates, and food costs now within a manageable margin of two to five percent.

He expressed optimism that ongoing efforts by the National Security Adviser’s office and the Ministry of Works would address challenges posed by insecurity and poor infrastructure to food production and distribution.

Ikechukwu-Raphael also emphasized the need for collective responsibility in stabilizing the economy, stressing that national recovery cannot be left to the government alone.

He commended the Dangote Refinery for supporting distribution systems that help reduce the cost of moving produce across the country and highlighted President Tinubu’s recent agreement with Brazil to import high-yield crop varieties into Nigeria.

The market leader further called for renewed national orientation to instill confidence, discipline, and productivity, urging citizens, especially young people, to embrace hard work and resist the temptation of shortcuts to wealth.