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Price Hike: FG Threatens To Shut Down FMCG Outlets

<p><img width="700" height="400" src="https://www.naijanews.com/wp-content/uploads/2024/02/fmcg-in-nigeria.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Price Hike: Nigerian Government Threatens To Shut Down FMCG Outlets Amid Hardship" decoding="async" fetchpriority="high" srcset="https://www.naijanews.com/wp-content/uploads/2024/02/fmcg-in-nigeria.jpg 700w, https://www.naijanews.com/wp-content/uploads/2024/02/fmcg-in-nigeria-300x171.jpg 300w" sizes="(max-width: 700px) 100vw, 700px" /></p> <h2>The Nigerian Government has warned Fast-Moving Consumer Goods (FMCG) outlets nationwide, threatening to shut them down due to deceptive pricing practices amidst increasing economic hardship.</h2> <p><strong>Naija News</strong> reports that the Acting Executive Vice Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), Adamu Abdullahi, issued a statement on Saturday warning against the rising cost of food.</p> <p>Abdullahi emphasized that businesses must provide clear and transparent pricing information to enable consumers to make informed purchasing decisions.</p> <p>The FCCPC reaffirmed its commitment to combating exploitative practices, highlighting penalties outlined in the FCCPA for violations.</p> <p>The commission encouraged businesses to adhere to fair pricing practices to ensure consumer protection and a healthy market environment.</p> <p>The statement reads, “<em>The Commission is aware that similar practices may occur at other FCMG outlets nationwide. These outlets are advised to cease such practices immediately to avoid consequences.</em></p> <p><em>“Businesses are expected to display transparent pricing information to empower consumers to make informed purchasing decisions, especially during challenging economic times.</em></p> <p><em>“The FCCPC remains committed to combating all forms of exploitative or misleading practices that undermine consumer rights. The FCCPA protects consumer rights and prohibits deceptive business practices. Section 115 outlines potential penalties for violations, including fines for organisations and imprisonment for directors.</em></p> <p><em>“The FCCPC encourages all businesses to adhere to fair and transparent pricing practices to ensure consumer protection and a healthy market environment.</em>”</p> <p><strong>Naija News</strong> recalls that the Commission<a href="https://www.naijanews.com/2024/02/16/breaking-fg-seals-off-popular-store-in-abuja-as-crackdown-on-hoarding-price-fixing-begins/" target="_blank" rel="noopener"> had, on Friday, stormed Sahad Stores Limited,</a> a well-known establishment situated in Area 11, Garki, Abuja, and sealed the building off due to various allegations, including stockpiling, extortion, lack of transparency, and misleading pricing practices.</p> <p>The post <a href="https://www.naijanews.com/2024/02/17/price-hike-fg-threatens-to-shut-down-fmcg-outlets/">Price Hike: FG Threatens To Shut Down FMCG Outlets</a> appeared first on <a href="https://www.naijanews.com">Naija News</a>.</p>

mingooland · · 2 min read
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General

Rising Cost Of Cement: Minister Of Works, Umahi Summon Manufacturers

<p><img width="640" height="443" src="https://www.naijanews.com/wp-content/uploads/2023/11/Umahi-640x443-1.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Tinubu Won't Cancel Tax Credit Scheme Initiated By Buhari - Umahi" decoding="async" fetchpriority="high" srcset="https://www.naijanews.com/wp-content/uploads/2023/11/Umahi-640x443-1.jpg 640w, https://www.naijanews.com/wp-content/uploads/2023/11/Umahi-640x443-1-300x208.jpg 300w" sizes="(max-width: 640px) 100vw, 640px" /></p> <h2>Prominent cement manufacturers have reportedly been invited to a meeting regarding the escalating cost of the product, according to Minister of Works <a href="https://naijanews.com/topic/dave-umahi/">David Umahi</a>.</h2> <p><strong>Naija News</strong> reports that he voiced concern that cement producers were not receiving enough business from road and housing construction, and that the price of the commodity was increasing at an absurd rate.</p> <p>The meeting is scheduled for Monday, February 19, 2024, at the Ministry's Conference Hall in Mabushi, Abuja, according to a statement released on Saturday by Orji Uchenna Orji, the Minister's Special Adviser for Media.</p> <p>The statement detailed that <em>“The Minister of Works, David Umahi, has summoned an urgent meeting of all cement manufacturers in Nigeria.”</em></p> <p>It stated that BUA Plc, Larfarge, Dangote Plc, and other entities were invited to the curcial meeting.</p> <p>The minister acknowledged that manufacturers had difficulties and promised to investigate.</p> <p>He, however, lamented that the gap between the ex-factory price and the market price is enormous.</p> <p>He said that for them to develop a common front, they needed to investigate the situation and other issues.</p> <p><strong>Naija News</strong> had earlier reported that the Nigeria’s Minister of Housing and Urban Development Ahmed Dangiwa, in a proactive move to address the escalating cost of cement and other building materials, convened a strategic meeting with manufacturers within the industry.</p> <p>This was outlined in a statement by his special adviser on media, Mark Chiese, on Thursday.</p> <p>The meeting aims to delve into the challenges facing the sector, with a focus on devising strategies to curb the rising prices and facilitate the provision of affordable housing across the country.</p> <p>The minister expressed concern over the soaring costs of building materials, which have seen a dramatic increase despite Nigeria’s rich deposits of raw materials necessary for production.</p> <p>A recent survey along the airport road indicated that the price for a 50kg bag of cement has surged to N9,000, marking a 38.8 percent increase from its previous rate of N5,500 just a week earlier.</p> <p>The post <a href="https://www.naijanews.com/2024/02/17/rising-cost-of-cement-minister-of-works-umahi-summon-manufacturers/">Rising Cost Of Cement: Minister Of Works, Umahi Summon Manufacturers</a> appeared first on <a href="https://www.naijanews.com">Naija News</a>.</p>

mingooland · · 2 min read
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General

New Music: Kan Did – No Be Regular

“No Be Regular” is the new single by rising artist Kan Did. Packed with infectious beats and captivating lyrics, “No Be Regular” showcases Kan Did’s…

mingooland · · 1 min read
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