Wuse Market Leader Warns Traders Against Arbitrary Price Hikes Amid Hardship

|By Adejumo Adekunle

ABUJA — The Chairman of the Wuse Market Traders Association, Mr. Okorie Ikechukwu-Raphael, has cautioned traders in the Federal Capital Territory against arbitrary price hikes, warning that excessive profiteering is worsening the hardship faced by Nigerians.

Speaking with journalists on Friday, Ikechukwu-Raphael condemned the practice of inflating prices by up to 300 percent, stressing that such actions undermine the stability government reforms are beginning to deliver.

“Business should have a human face — sell at reasonable rates so that citizens can breathe,” he urged, noting that the Federal Competition and Consumer Protection Commission (FCCPC) has consistently advised against indiscriminate markups.

The market leader highlighted improvements in exchange rates, fuel prices, and food costs, which he said now fluctuate within a “manageable margin of two to five percent,” attributing the progress to the economic policies of President Bola Tinubu’s administration.

He, however, identified insecurity and poor infrastructure as the biggest threats to food production, commending efforts by the National Security Adviser and the Ministry of Works to address these challenges. Ikechukwu-Raphael also praised the Dangote Refinery for easing distribution costs and welcomed Tinubu’s recent agricultural partnership with Brazil on high-yield crop varieties.

On investor confidence, he noted that the Naira now reflects its true value in global transactions, adding that transparency in government spending on key projects such as irrigation and water supply is gradually restoring trust.

While acknowledging that reforms take time, he urged traders and citizens to embrace moderation, support agricultural initiatives, and play their part in stabilizing the economy.

The market leader also challenged young Nigerians to embrace hard work and resist shortcuts to wealth. “Too many young people expect overnight riches. Nations are built on discipline, education, agriculture, and meaningful work,” he said, calling for renewed national orientation to instill confidence and productivity.