The National Association of Nigerian Students (NANS) has called on the federal government to establish a price control board.
It wants the board to be tasked with regulating prices and preventing hoarding of goods.
This was disclosed in a statement by the national president of the association, Mr Akinteye Afeez, on Thursday.
The statement said that the steady increase in the prices of goods and services across the country had been worrisome.
While the rise in exchange rates has been cited as a contributing factor, the association wants to know why the prices of locally produced goods are also rising when materials used in their production are sourced locally,” said NANS.
“Therefore, in light of the current economic challenges facing the nation, we urge the government to prioritise the establishment of a price control board, as a matter of urgency.
“By doing so, the government can demonstrate its responsiveness to the needs of the people and its commitment to fostering a fair and prosperous society for all.
“The discrepancy between the decrease in the exchange rate and the persistent inflation of prices has led us to believe that there is a lack of oversight in regulating prices within the local market,” NANS explained.
It added, “It is evident that without proper mechanisms in place to control prices, consumers are left vulnerable to arbitrary price hikes and exploitation by unscrupulous traders.
“As a solution to this pressing issue, we are calling on the government to establish a price control board, tasked with the responsibility of regulating prices, preventing hoarding of goods and protecting consumers from exorbitant prices.”
The students stressed that such a board “will play a crucial role in ensuring fairness and transparency in the marketplace, thereby fostering a more equitable and accessible environment for all.”
The union said by implementing price control measures, the government could also effectively curb the rampant inflation and mitigate the adverse effects of rising costs on consumers, particularly those from low-income backgrounds.
The statement added that the price control measures would also encourage competition among producers and retailers, leading to improved efficiency and affordability in the market.
“Furthermore, the establishment of a price control board will serve as a deterrent to unethical business practices, such as hoarding and price gouging.
“It would send a clear message that the government is committed to safeguarding the interests of consumers and promoting economic stability and social welfare,” the NANS statement noted.
(NAN)