The Chairman of the Wuse Market Traders Association in Abuja, Mr. Okorie Ikechukwu-Raphael, has urged traders to refrain from arbitrarily inflating prices, citing the current economic hardship faced by Nigerians. He warned that excessive profiteering is exacerbating the country’s economic challenges.

According to Ikechukwu-Raphael, some traders are inflating prices to make significant gains, often up to 300 percent, which undermines the government’s efforts to stabilize the economy. He emphasized the need for traders to adopt a “human face” in their business practices, selling goods at reasonable rates to alleviate the burden on citizens.

The market leader acknowledged the progress made by the administration of President Bola Tinubu in addressing volatility in fuel prices, exchange rates, and food costs. He noted that these factors now fluctuate within a manageable margin of two to five percent, indicating relative stability in the economy.

Ikechukwu-Raphael attributed the improvement to the government’s policies and cited the National Security Adviser’s efforts to address insecurity and poor infrastructure, which remain significant threats to food production. He also commended the Dangote Refinery for supporting distribution systems that reduce the cost of moving produce across the country.

The Abuja market leader highlighted the importance of collective responsibility, moderation in pricing, and investment in agriculture to help Nigerians navigate the current economic hardship. He emphasized the need for citizens, particularly young people, to embrace hard work and resist the temptation of shortcuts to wealth.

Ikechukwu-Raphael called for a renewed national orientation to instill confidence, discipline, and productivity, emphasizing the value of education, agriculture, and meaningful work in building a strong nation. He expressed concern about the potential of young people being wasted due to a lack of direction and urged the government to reorient the youth to appreciate the rewards of hard work.

As the Nigerian economy continues to face challenges, the traders’ association chairman’s comments underscore the need for stakeholders to work together to promote economic stability and growth. The government’s efforts to address key challenges, combined with the private sector’s support and citizens’ collective responsibility, are crucial in navigating the country’s economic hardships.