The Chairman of the Wuse Market Traders Association in Abuja, Okorie Ikechukwu-Raphael, has cautioned traders against excessive profiteering, warning that arbitrary price hikes are worsening economic hardship for Nigerians.
Speaking with newsmen in Abuja on Friday, Ikechukwu-Raphael described the practice as unpatriotic and harmful to the country’s economic growth, stressing that it undermines the gains of government policies aimed at stabilizing the economy.
Praising President Bola Ahmed Tinubu’s administration, he urged traders to sell at reasonable rates, echoing the Federal Competition and Consumer Protection Commission (FCCPC)’s campaign against price increases of 200 to 300 percent.
“Businesses should have a human face — sell at reasonable rates so that citizens can breathe. Give a human face to the business we are doing,” he said.
He further noted that citizens must support national recovery efforts, emphasizing that economic stability cannot be left to the government alone.
Dangote Refinery slashes pump prices
According to him, the Tinubu administration has made progress in reducing volatility in fuel prices, exchange rates, and food costs, which now fluctuate within a “manageable margin of two to five percent.”
“Last year, I noted here that the President was working hard to stabilize the economy amid turbulent exchange rates, fuel price fluctuations, and rising food costs. At that time, I predicted that by 2025, we would be on ‘cruise control.’ Today, we are seeing relative stability: fluctuations in exchange rates, petroleum products, and food items are within a manageable margin of two to five percent. The President is now focusing on ensuring more food gets to the table of Nigerians”.
Admitting that insecurity and poor infrastructure remain the biggest threats to food production, the market leader expressed optimism that ongoing efforts by the National Security Adviser and the Ministry of Works are aimed at resolving these challenges.
Ikechukwu-Raphael also commended the Dangote Refinery for supporting distribution systems that help reduce the cost of moving produce across the country, while highlighting President Tinubu’s recent agreement with Brazil to import high-yield crop varieties into Nigeria.
On the international front, he said investors’ confidence in Nigeria was improving, as the Naira now reflects “real value” in global transactions.
“Government policies are becoming more transparent, and funds are being better utilized in turnkey projects such as irrigation and water supply,” he added.
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