Abuja: The Chairman of the Wuse Market Traders Association, Mr. Okorie Ikechukwu-Raphael, has cautioned traders against arbitrary inflation of prices, warning that excessive profiteering is worsening hardship for Nigerians. Ikechukwu-Raphael stated this while interacting with newsmen on Friday.

According to News Agency of Nigeria, the chairman noted that government reforms were beginning to stabilise the economy and cautioned that unfair pricing practices by traders could undermine these gains. He urged traders to sell goods at reasonable rates, highlighting that the Federal Competition and Consumer Protection Commission (FCCPC) had consistently advised against arbitrary increases of up to 200 or 300 per cent. Ikechukwu-Raphael stressed the importance of business practices that consider consumer welfare.

He pointed out that recent government policies had brought relative stability to the economy, particularly in fuel pricing, exchange rates, and food costs, which were now fluctuating within a manageable margin of two to five per cent. The market leader commended President Bola Tinubu’s administration for efforts to stabilise the economy, noting that the focus was now shifting to increasing food supply for households.

Ikechukwu-Raphael identified insecurity and poor infrastructure as major threats to food production, but expressed confidence in ongoing interventions by the Office of the National Security Adviser and the Ministry of Works. He also praised the role of Dangote Refinery in supporting distribution systems, which, according to him, has helped reduce the cost of transporting produce.

He welcomed Nigeria’s agreement with Brazil to import high-yield crop varieties to boost agricultural output. On investor confidence, Ikechukwu-Raphael said the Naira was beginning to reflect its ‘real value’ in global transactions, and greater transparency in government spending was directing resources to key projects such as irrigation and water supply.

He emphasised the need for citizens to support recovery efforts, urging especially young people to embrace education, agriculture, and productive ventures instead of seeking shortcuts to wealth. Ikechukwu-Raphael reiterated that while reforms would take time to fully yield results, moderation in pricing, collective responsibility, and investment in agriculture were critical to easing current hardship and achieving sustainable growth.