Stakeholders have called for a comprehensive and balanced approach to price control in Nigeria to protect both consumers and businesses.
Mr Agabaidu Jideani, Director-General, Abuja Chamber of Commerce and Industry (ACCI) said this at the Price Control Roundtable organised by the National Policy Advocacy Centre (NPAC) of ACCI in Abuja on Thursday.
Jideani highlighted the critical importance of establishing an effective price control system in Nigeria, particularly in light of the economic challenges faced by many citizens.
He emphasised that price control required a well-considered framework that accommodates the complexities of supply and demand, production costs, and the need for equitable access to essential goods and services.
“Price control is at the heart of our economy. It is about ensuring that essential goods and services remain accessible and affordable for every Nigerian.
“While also safeguarding the interests of the businesses that are vital to our economic growth,” Jideani said.
Jideani also emphasised that the ACCI, through NPAC was fully aware of the complexity of implementing price control measures.
He said that the goal of the roundtable was to move beyond discussions and develop practical solutions that could be effectively implemented to benefit the entire economy. “Today’s roundtable is a crucial step towards achieving this objective.
“It provides us with an opportunity to engage in meaningful dialogue, share insights and experiences, and explore innovative solutions tailored to the Nigerian context.
“I urge participants to contribute their expertise and perspectives, following the importance of open discussions and a commitment to finding actionable solutions,” he said.
According to Jideani, the success of any price control system depends on a collaborative effort that includes input from both the public and private sectors.
The ACCI director-general while expressing appreciation to participants, reaffirmed the Chamber’s commitment to fostering an environment where businesses could thrive while ensuring the well-being of all Nigerians.
“As we work together, I believe we can develop a price control system that is fair, sustainable, and effective,” Jideani concluded.
Also, Dr Kamorudeen Adigun, Member, National Council, Manufacturers Association of Nigeria (MAN) said the government needed to play a critical role to achieve effective and efficient price control in Nigeria.
“When you look at the way government increases prices, it leaves much to be desired.
For instance, the issue of electricity tarrif, they increased it by 300 per cent. “When you look at the floatation of naira and removal of subsidy, those are the things that have sharp effect on price increases.
“And these are the things that price control wants to address. To achieve stability and regulate the prices of essential commodities ,” he said.
On taxes and charges, he said a lot of government agencies come up with various taxes, which they impose on manufacturers and sellers of goods. According to Adigun, this has a ripple effect on commodity prices as manufacturers need to break even.
He therefore called for the monitoring and re-evaluation of the regulatory framework of price control; use of technology and training of officials to address the challenge. “Also, people are complaining, the business environment is over regulated. Business owners through their taxes are the ones maintaining the economy.
“And if you do not make it easy for them to do business, where do you get the tax, how do you grow the economy?” He asked.
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