News Investigators/ The Chairman of the Wuse Market Traders Association, Okorie Ikechukwu-Raphael, has cautioned traders against arbitrary inflation of prices, warning that excessive profiteering is worsening hardship for Nigerians.
Mr Ikechukwu-Raphael stated this in an interview with the News Agency of Nigeria (NAN) on Friday in Abuja.
The chairman, who said government reforms were beginning to stabilise the economy, cautioned that unfair pricing practices by traders could undermine these gains.
He urged traders to sell goods at reasonable rates, noting that the Federal Competition and Consumer Protection Commission (FCCPC) had consistently advised against arbitrary increases of up to 200 or 300 per cent.
“Business should have a human face. Traders must avoid excessive price inflation so citizens can breathe. Give a human face to the business we are doing,” he said.
He said recent government policies had brought relative stability to the economy, especially in fuel pricing, exchange rates and food costs, which were now fluctuating within a manageable margin of two to five per cent.
The market leader commended President Bola Tinubu’s administration for efforts to stabilise the economy, adding that attention was now shifting to increasing food supply for households.
Mr Ikechukwu-Raphael identified insecurity and poor infrastructure as the major threats to food production but expressed confidence in ongoing interventions by the Office of the National Security Adviser and the Ministry of Works.
He also lauded the role of Dangote Refinery in supporting distribution systems, which, according to him, has helped reduce the cost of transporting produce.
He further welcomed Nigeria’s agreement with Brazil to import high-yield crop varieties to boost agricultural output.
On investor confidence, Mr Ikechukwu-Raphael said the Naira was beginning to reflect its “real value” in global transactions, and greater transparency in government spending was directing resources to key projects such as irrigation and water supply.
He emphasised the need for citizens to support recovery efforts, urging especially young people to embrace education, agriculture and productive ventures instead of seeking shortcuts to wealth.
“Too many young people expect wealth overnight. Government must do more to reorient our youth and show them the rewards of hard work. That is how nations are built,” he said.
Mr Ikechukwu-Raphael reiterated that while reforms would take time to fully yield results, moderation in pricing, collective responsibility and investment in agriculture were critical to easing current hardship and achieving sustainable growth.
NAN