Stakeholders in Nigeria are calling for a comprehensive and balanced approach to price control to protect both consumers and businesses. This appeal was highlighted by Agabaidu Jideani, the Director-General of the Abuja Chamber of Commerce and Industry (ACCI), during the Price Control Roundtable organized by the National Policy Advocacy Centre (NPAC) of ACCI in Abuja on Thursday.
Jideani emphasized the critical need for an effective price control system in Nigeria, particularly in light of the ongoing economic challenges faced by many citizens. He underscored that any price control framework must consider the complexities of supply and demand, production costs, and the necessity of ensuring equitable access to essential goods and services.
“Price control is central to our economy. It’s about making sure that essential goods and services are both accessible and affordable for every Nigerian while also protecting the interests of businesses that are vital to our economic growth,” Jideani stated.
He acknowledged the challenges in implementing price control measures and noted that the roundtable aimed to move beyond theoretical discussions to develop practical solutions that could benefit the entire economy. He urged participants to engage in meaningful dialogue, share insights, and explore innovative solutions tailored to the Nigerian context.
Jideani stressed that the success of any price control system would depend on collaborative efforts, involving both public and private sector inputs. He reaffirmed ACCI’s commitment to fostering an environment where businesses can thrive while ensuring the well-being of all Nigerians.
Similarly, Dr. Kamorudeen Adigun, a member of the National Council of the Manufacturers Association of Nigeria (MAN), highlighted the critical role the government must play in achieving effective price control in the country. He pointed out that certain government actions, such as the 300% increase in electricity tariffs and the removal of subsidies, have significantly impacted price stability.
Adigun called for a re-evaluation of the regulatory framework for price control, the integration of technology, and the training of officials to address ongoing challenges. He also expressed concerns about the overregulation of the business environment, noting that businesses, through their taxes, are essential to maintaining the economy.
“If the business environment is not made conducive, where do you get the tax, and how do you grow the economy?” Adigun questioned.
The roundtable served as a critical platform for stakeholders to discuss and develop actionable solutions to create a fair, sustainable, and effective price control system in Nigeria.
Credit: NAN (Text Excluding Headline)
