Economist Calls for Reforms to Shield Consumers from Rampant Exploitation in Nigeria

As Nigeria grapples with a severe economic crisis, a university don, Dr. Friday Nkwede, has urged the nation’s legislators to reform consumer protection laws to shield citizens from rampant exploitation. Speaking on Saturday at the ongoing #EndBadgovernance protests, Dr. Nkwede emphasized the urgent need for legislative reforms to address the exacerbating hardships faced by ordinary Nigerians.

According to Dr. Nkwede, the protests have effectively highlighted the dire economic conditions faced by Nigerians, with the widespread suffering across all socio-economic classes sending a resounding message to the nation’s leaders. He noted that the rich, the poor, and the middle class are all feeling the sting of rising inflation and the depreciating naira, leading to a crisis that has rendered many Nigerians hopeless and desperate.

Dr. Nkwede stressed that beyond the immediate relief that the protests may bring, there is a crucial need for lawmakers to enact robust consumer protection laws. He pointed out that with the increase in the cost of living, including food, transport, and healthcare, consumers are being exploited by unscrupulous business practices.

"The lack of effective regulation has allowed prices to skyrocket unchecked. When people go to the market today, they find that prices have doubled by the next day. There are no effective laws in place to curb such exploitation, leaving consumers vulnerable," Dr. Nkwede said.

He called on lawmakers to prioritize the introduction and enforcement of consumer protection laws, suggesting that the establishment could serve as a critical measure to safeguard the interests of ordinary Nigerians. According to him, such legislation would help regulate commodity prices and prevent businesses from taking advantage of the economic instability.

Dr. Nkwede also voiced his concerns about the government’s handling of the current crisis, criticizing the ineffective distribution of humanitarian aid and social welfare programmes. He urged that resources saved from subsidy removals be redirected towards addressing the immediate needs of the populace.

"The government needs to focus on policies that will provide real relief to the people. We need to see tangible support in the form of healthcare packages, effective transportation solutions, and support for local industries. Instead of embarking on grand projects that do not address the immediate needs of the citizens, the focus should be on ensuring that people can survive and rebuild their lives," Dr. Nkwede said.

He further maintained that the current economic hardships and the lack of effective consumer protection have driven many Nigerians to the streets in protest. Dr. Nkwede urged the government and lawmakers to heed the call for reform and implement measures that would offer meaningful relief and stability to the country’s struggling population.