The Chairman of the Wuse Market Traders Association in Abuja, Mr. Okorie Ikechukwu-Raphael, has cautioned traders against arbitrary price hikes, stressing that excessive profiteering worsens the economic hardship faced by millions of Nigerians.
Speaking to journalists on Friday, Ikechukwu-Raphael said while government policies are beginning to bring relative stability to the economy, the actions of some traders could undermine these efforts.
He condemned situations where traders inflate prices to make as much as 300 percent profit on goods, urging them to show empathy.
“Business should have a human face. Sell at reasonable rates so that citizens can breathe. Nigerians must also do their part — avoid excessive inflation and help stabilize the economy,” he emphasized.
Ikechukwu-Raphael praised the Tinubu administration for gradually stabilizing the exchange rate, fuel prices, and food costs, noting that fluctuations are now within a manageable 2–5 percent margin.
He recalled that last year, he predicted by 2025, Nigeria would experience more stability, adding:
“Today, we are seeing relative progress. The President is now focusing on ensuring more food gets to the tables of Nigerians.”
The market leader pointed out that insecurity and poor infrastructure remain the biggest threats to food production. However, he acknowledged that efforts by the National Security Adviser and the Ministry of Works are addressing these challenges.
He also commended the Dangote Refinery for easing distribution systems and reducing logistics costs, while noting the government’s partnership with Brazil to import high-yield crop varieties into Nigeria.
On the global stage, Ikechukwu-Raphael said investor confidence in Nigeria is improving, as the Naira now reflects its real value in global transactions.
He explained that more transparency in government policies and investments in projects like irrigation and water supply are helping to build trust among international partners.
Beyond traders, Ikechukwu-Raphael warned that Nigerian youth must resist shortcuts to wealth and embrace a culture of hard work, education, and agriculture.
Sharing from his own experience, he said:
“I grew up farming with my grandparents, producing food for our community even while schooling. Youth should embrace agriculture, education, and meaningful work — that’s how nations are built.”
He lamented that many young people waste their potential, especially at night on the streets, and called for stronger national orientation programs to instill confidence, discipline, and productivity in the younger generation.
Final Note
While acknowledging that reforms will take time to fully yield results, the Wuse Market Chairman stressed that collective responsibility, fair pricing, and renewed work ethics are crucial for Nigeria to overcome its current economic challenges.
