The Chairman of the Rivers/Bayelsa State Manufacturers Association of Nigeria, Vincent Okuku, has denied claims that manufacturers are exploiting the country’s inflation to overprice their products.
Speaking on Nigeria Info’s Morning Crossfire, he explained that many manufacturers are being forced to shut down due to the rising costs of essential production materials like gas and diesel. He also noted that manpower has been affected, with workers arriving late due to increased petrol prices.
Responding, Uchegbu Chukwuma, Zonal Coordinator of the Federal Competition and Consumer Protection Commission (FCCPC) South-South Zone, emphasized that while the FCCPC does not set standardized prices for goods, manufacturers should promote healthy competition to help lower market prices. He also noted that middlemen are a significant barrier to effective price regulation.
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