By Zayd Ibn Isah
Recently, a market seller at Mandate Market in Ilorin, Kwara State, incurred the wrath of her colleagues for selling her garri below the market price. In a now-viral video posted on social media, the traders were heard shouting, “We will never let you sell your garri cheaper than ours. We will not allow it.”
Apparently, the market seller (who was even seen as an outsider) had decided to sell her garri at ₦800 per bowl, while others were selling at either ₦900 or ₦1,000 within the market. This was what led to the commotion that erupted and was recorded in a video for social media.
Expectedly, the video has generated reactions from many Nigerians, and people are beginning to see that the problem with Nigeria is not just a lack of quality leadership but also a decline in the conscientious mind-set of the followers. Nobody can successfully govern a country where citizens prioritize their own interests over the country’s well-being. Imagine a captain trying to steer his ship through stormy seas, while the passengers on board keep sabotaging his efforts by making holes in the body of the ship to let water in. Such is the scenario which can be applied to the situation Nigeria currently finds herself in as a nation.
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Of course, we can lament that government policies have made things difficult for ordinary citizens. We can even blame the leaders for their failure to deliver the promised dividends of democracy. And we are even at liberty to peacefully protest as a way of registering our discontent. But one thing we fail to do as citizens is acknowledge the fact that in many little ways, we also contribute to our problems as a nation.
At the core of our issues is a lack of patriotism. I recall how the prices of diesel and other commodities skyrocketed immediately after the president announced on his inauguration day that fuel subsidy was over. Fuel was previously bought at subsidized rates, so why the sudden price hike? And then came the floating of the naira, which led to a rise in the dollar and an increase in prices of goods. Even when the naira appreciates, the prices of goods rarely come down. In this country, once prices of commodities go up, they rarely come down. That’s why we must salute the honest trader’s patriotism and encourage others to follow her example. Mark Twain said, “In the beginning of a change, the patriot is a scarce man, and brave, and hated and scorned. When his cause succeeds, the timid join him, for then it costs nothing to be a patriot.”
That being said, the price regulators need to up their game to ensure that traders who hike prices of goods unnecessarily in the name of rising dollars are held accountable. After all, the core function of price control is to protect consumers, regulate competition and ensure fairness of business practices within the free market. And in times like this where many Nigerians are struggling to afford basic meals daily, effective price control might be the bulwark needed to ensure that the prices of essential commodities do not skyrocket beyond reason.
If the government really intends to curb inflation, it must ensure access to basic necessities such as staple foods, while protecting the Nigerian consumer from the unfair financial chokehold often brought about by market volatilities and price hiking. Ever since price control was first introduced in the 1970s by the military administration of then Gen. Olusegun Obasanjo, the Nigerian economy has grown to giant capitalist heights while price regulation remains stunted. Few Nigerians are even aware of the Price Control Act, as well as the Federal Competition and Consumer Protection Act.
Earlier this year, the Federal High Court in Lagos passed a judgement ordering the government to fix prices of certain goods such as milk, flour, salt, sugar, motor vehicles and petroleum products. This triggered speculations that the government policy of price control would find resurgence soon. In fact, many Nigerians were caught unawares by this decision, and understandably so. This regulatory facet of the law has largely remained unknown and vague to many Nigerians. This is exactly why now more than ever, the FCCPC must be central to any economic intervention needed to curb the effects of inflation, while performing its regulatory function to the fullest in service of the common interest of Nigerians.
However, price control should not be seen as a magic wand solution for problems brought about by decades of sustained capitalism. Sure, Nigerians are so clearly frustrated that they would gratefully welcome the intervention of price control. I, for one, would love to see the prices of eggs, bread and petrol fall, even if just for a small period. There are a few unneeded negative effects of hasty price regulation which we must consider, and one of such is the possibility that price control could lead to shortages of goods, as producers would not want to sell at reduced prices. And when you also consider that it would be extremely difficult for the government to enforce such a regulatory policy at a nationwide scale, a resort to price control becomes less inviting.
Nigeria’s galloping food inflation has worsened, but now that the president has approved the increase of the national minimum wage to ₦70,000, the common worker out there with mouths to feed at home can exhale a bit in relief. Bringing back food stamp programs might even bring much-needed relief from the food insecurity plaguing less-privileged Nigerians. Basic households should also be encouraged to grow their own food crops, because we face an economic emergency, whether we care to admit it or not.
While the government does its part to alleviate the suffering of the masses, we, as a people, must address the greedy tendencies rooted in the hearts of the unpatriotic ones amongst us. It is sad that whenever misfortune befalls the collective, the average Nigerian seeks to profit from this, rather than seek out ways to help his fellow citizens.
