The Foundation for Environmental Rights, Advocacy, and Development, FENRAD, has criticized the Federal Competition and Consumer Protection Commission (FCCPC) for its recent one-month moratorium on sellers inflating commodity prices.
FENRAD argues that price reductions cannot be achieved through force. The group’s Executive Director, Nnanna Nwafor, stated that the root cause of price inflation lies in government policies, such as the removal of subsidies on petrol and energy, which have negatively impacted the economy. He emphasized that targeting traders for reacting to these policies is unproductive.
FENRAD also highlighted the naira’s depreciation, losing over 35% of its value in August, and called on the government to address underlying economic issues and worsening insecurity, which hinder agricultural productivity.
The group advised the FCCPC to focus on implementing policies that naturally reduce prices rather than threatening traders.
