According to him, the purpose of the conference was to discuss the unhealthy practices of market associations as well as the increasing trend of irrational pricing of consumer goods and services.

Bello detailed the findings of the Commission, which showed that a Ninja fruit blender was being sold for 89 dollars (₦140,000.00) in a well-known supermarket in Texas, but the identical product was on display for ₦944,999.00 in a store in Victoria Island, Lagos.

Bello questioned the rationale of the blender’s unjustified price increase in comparison to Texas, USA.

He claimed that price fixing and other unhealthy practices were endangering the stability of the economy.

“Violators of Section 155, whether they are private citizens or corporate entities, risk harsh consequences, such as hefty fines and incarceration if the court finds them guilty.

“The goal of this is to discourage everyone engaged in these kinds of illegal activity.

But the way we work now isn’t harsh. I thus urge all parties involved to adopt a cooperative and patriotic mindset.

“We are granting a one-month moratorium (through September) before the Commission will begin strict enforcement in this spirit,” he stated.

According to Bello, the government was aware of the majority of the issues brought up by market participants.

“We have listened to you, and we understand that you have valid concerns. While the government should handle the issues, let’s also have a candid conversation with ourselves.

“Trading groups also form to take advantage of customers,” he remarked.