A management consultant and financial analyst, Dr. Emmanuel Idenyi Shuaibu, has lamented that Nigerians always arbitrarily increase prices of goods because there is no price control board to regulate prices in the country.
He said anybody can wake and choose to increase the price of his goods arbitrarily, and that is why prices cannot match the statistics being reeled out by the government.
He added that if there is a price control board, it would analyse price increases based demand and supply of commodities.
Shuaibu further added that a price control board is not in any strata of the Nigerian economy, which is why there is price variation and nobody is penalised for it.
He said; “That is what is responsible for it. The only way out is that government should go back to the olden days where we had commodity boards.
If there is no commodity board that regulates prices of goods and services it will certainly continue this way.
“Government is not sincere enough because some of the businesses that increase their prices arbitrarily are owned by politicians with people fronting for them. If there is a price control board it will regulate and punish a businessman who increase prices arbitrarily.”
Shuaibu also said in the banking industry no bank can fix a rate higher than what the CBN fixes.
