The Lagos Chamber of Commerce and Industry (LCCI) is requesting that the Federal Competition and Consumer Protection Commission (FCCPC) and other regulatory bodies increase their oversight of pricing in Nigeria to shield consumers and enterprises from deceptive market actions.
LCCI President Engr. Leye Kupoluyi addressed economic conditions in Lagos on Wednesday, clarifying that the organization is not pushing for direct price controls. Instead, he argued that regulators should verify that pricing aligns with current market conditions and global standards. Kupoluyi highlighted persistent issues with petrol pricing, noting that domestic pump prices rise instantly when global crude costs climb, yet fail to drop when international prices fall.
He urged the FCCPC and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to increase transparency to prevent exploitation. Furthermore, Kupoluyi pointed to the aviation industry, where he claimed airlines artificially inflate fares during holidays, suggesting this behavior requires closer investigation. He emphasized that regulation should foster competition and discourage unethical practices to ensure fair consumer value.
Finally, the LCCI leader recommended business environment reforms, specifically proposing the harmonization of product registration to remove redundant approval processes for identical goods sold in varying sizes.
