ABUJA: The Chairman of the Wuse Market Traders Association, Mr Okorie Ikechukwu-Raphael, has cautioned traders in the Federal Capital Territory FCT against arbitrary price increases, warning that excessive profiteering is compounding the economic hardship already faced by Nigerians.
In an interview, Ikechukwu-Raphael said while government policies were beginning to stabilize key sectors of the economy, some traders’ exploitative practices threatened to undermine these gains.
“Nigerians must do their part. Traders should avoid excessive inflation of prices. The Federal Competition and Consumer Protection Commission has been warning against arbitrary hikes of 200 to 300 percent. Business should have a human face. Sell at reasonable rates so that citizens can breathe,” he urged.
According to him, the administration of President Bola Tinubu has recorded progress in stabilizing fuel prices, exchange rates, and food costs, which now fluctuate within what he described as a “manageable margin of two to five percent.”
The Wuse market leader recalled predicting last year that the economy would be on “cruise control” by 2025, a forecast he believes is now taking shape, with the government focusing more on food security.
He, however, identified insecurity and poor infrastructure as major threats to food production. The market leader expressed optimism that ongoing interventions by the National Security Adviser and the Ministry of Works would address these bottlenecks.
Commending the Dangote Refinery for easing distribution costs across the country, Ikechukwu-Raphael also welcomed Nigeria’s recent agreement with Brazil to import high-yield crop varieties. He added that investor confidence was improving as the Naira gradually reflects “real value” in global markets.
“Government policies are becoming more transparent, and funds are being better utilized in critical projects such as irrigation and water supply,” he noted.
Beyond government action, he called for renewed discipline and productivity among citizens, particularly the youth.
He warned against a culture of seeking “overnight wealth” and urged young Nigerians to embrace education, agriculture, and hard work.
“When you walk the streets at night, you sometimes see young people wasting their potential. It’s heartbreaking. The government must reorient the youth and show them the rewards of hard work,” he said.
Ikechukwu-Raphael stressed that while reforms would take time to fully deliver results, collective responsibility, fair pricing, and renewed investment in agriculture would help Nigerians withstand the present economic challenges.
