Abuja Market Leader Warns Traders Against Arbitrary Price Hikes

The chairman, Wuse Market Traders Association in Abuja, Okorie Ikechukwu-Raphael, has warned traders against arbitrary increase in prices, saying excessive profiteering was worsening economic hardship among Nigerians.

Speaking in an interview in Abuja, Ikechukwu-Raphael said while government policies were beginning to bring relative stability to the economy, the actions of some traders were undermining the gains.

“Nigerians must do their part. Traders, for instance, should avoid excessive price inflation. The Federal Competition and Consumer Protection Commission (FCCPC) has been advocating against raising prices by 200 or 300 per cent. Business 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.

Ikechukwu-Raphael urged citizens to play their part in stabilising the economy, stressing that national recovery cannot be left to government alone.

He said the administration of President Bola Tinubu had made progress in taming 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 that the president was working hard to stabilise 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,” he said.

He added that insecurity and poor infrastructure remained the biggest threats to food production, but that ongoing efforts by the National Security Adviser and the Ministry of Works are aimed at resolving these challenges.

He lauded 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.

He said investor 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.

He also warned that citizens, especially young people, must embrace hard work and resist the temptation of shortcuts to wealth. He called for renewed national orientation to instill confidence, discipline and productivity.

“Nigerians also need confidence in the country and a renewed work ethic. Too many young people expect wealth overnight. Life doesn’t work that way. I grew up farming with my grandparents, producing food for our community, even while schooling. Youth should be encouraged to get educated, embrace agriculture, and engage in meaningful work. That’s how nations are built.

“Unfortunately, when you walk the streets at night, you sometimes see young people wasting their potential, and it’s heartbreaking. The government must do more to reorient our youth and show them the rewards of hard work,” he stated.