By Peter Omopo | September 13, 2025
The Chairman of the Wuse Market Traders Association, Okorie Ikechukwu-Raphael, has warned traders in Abuja against arbitrary price increases, saying excessive profiteering is worsening the economic hardship faced by Nigerians.
Speaking with journalists on Friday, Ikechukwu-Raphael noted that the Federal Competition and Consumer Protection Commission (FCCPC) had repeatedly cautioned against unjustified price hikes, some of which had been as high as 200 to 300 per cent.
He appealed to business owners to exercise restraint by selling at reasonable rates.
“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 urged.
The market leader highlighted food inflation as one of the biggest drivers of hardship in households, citing recent data from the National Bureau of Statistics (NBS). He added that stabilising the economy was not the government’s responsibility alone, but a collective task requiring both traders and citizens to play their part.
According to him, President Bola Tinubu’s administration has succeeded in limiting fluctuations in fuel prices, exchange rates, and food costs, which he described as now moving within a “manageable margin of two to five per cent.”
“Last year, I predicted that by 2025, we would be on ‘cruise control.’ Today, we are seeing relative stability. The President is now focusing on ensuring more food gets to the table of Nigerians,” Ikechukwu-Raphael said.
He, however, admitted that insecurity and poor infrastructure remained major obstacles to food production and distribution. He expressed optimism that recent interventions by the Office of the National Security Adviser and the Ministry of Works would improve the situation in the coming months.
