A call has gone to the Federal Government to introduce price control measures to stem incidences of arbitrary pricing of goods and commodities.
The National Association of Nigerian Students (NANS), National Headquarters in a statement signed by the Association’s Senate President,
Sen. Akinteye Babatunde queried the rationale for the sharp rise in the costs of goods manufactured locally despite sourcing materials.
NANS blames lack of oversight in regulating prices within the local market, saying evidence abounds that without proper mechanisms in place to control prices, consumers would be vulnerable to arbitrary price hikes and exploitation by unscrupulous traders.
The statement read in parts, “In recent times, we have observed with concern the steady increase in the prices of goods and services across the country.
“As a solution to this pressing issue, we are calling on the government to establish a Price Control Board tasked with the responsibility of regulating prices, preventing hoarding of goods, and protecting consumers from exorbitant prices.
“Such a board would play a crucial role in ensuring fairness and transparency in the marketplace, thereby fostering a more equitable and accessible environment for all.
“By implementing price control measures, the government can effectively curb the rampant inflation of prices and mitigate the adverse effects of rising costs on consumers, particularly those from low-income backgrounds.
According to Sen. Akinteye, the price control measures would encourage competition among producers and retailers, leading to improved efficiency and affordability in the market.
NANS added, “Furthermore, the establishment of a Price Control Board would serve as a deterrent against unethical business practices such as hoarding and price gouging. It would send a clear message that the government is committed to safeguarding the interests of consumers and promoting economic stability and social welfare.
“In light of the current economic challenges facing the nation, we urge the government to prioritize the establishment of a Price Control Board as a matter of urgency. By doing so, the government can demonstrate its responsiveness to the needs of the people and its commitment to fostering a fair and prosperous society for all.
The body of students across Nigeria pledged support for the government in this direction to create a more equitable and sustainable marketplace for the benefit of all citizens.
