PRICE CONTROL DECREE, 1977
Decree · Trade
Policy date: 1977-01-01
A Decree empowers the Federal Government to set maximum prices for essential commodities to prevent exploitation. It targets manufacturers, traders, and consumers by prohibiting hoarding and price manipulation. This protects ordinary Nigerians from the effects of unfair pricing.
PRICE CONTROL DECREE, 1977
What Is This Policy?
A 1977 decree (now Act) enabling the Federal Government to control the prices of essential commodities to prevent profiteering, hoarding, and exploitation of consumers.
Who Does It Target?
Manufacturers and traders of essential commodities The Price Control Board (historical) Consumers protected from price exploitation Consumer protection agencies
What Does It Aim to Achieve?
Prevent exploitative pricing of essential goods by enabling government to set maximum prices, deter hoarding, and protect ordinary Nigerians from the effects of price manipulation.
Key Features
Price Control Powers: Government may set maximum prices for designated essential commodities. Anti-Hoarding: Prohibits hoarding of price-controlled goods to create artificial scarcity. Inspector Powers: Price inspectors may enter premises to verify compliance and seize goods. Penalties: Sellers who exceed controlled prices face fines and imprisonment.
Current Status
Rollout Stage: Limited application — most price controls have been lifted; some may apply in emergency situations Coverage: Designated essential commodities Beneficiaries: Consumers; low-income households Funding: Federal Government
How to Access
Currently: most markets are deregulated During emergency: maximum prices published in the Gazette must be observed Report price gouging on price-controlled goods to consumer protection agencies Application method: Report excessive pricing during price control periods to FCCPC or Consumer Protection Council.
Important Terms
Most price controls were lifted as part of economic liberalisation Government retains power to reimpose controls on essential items during crises The Act remains law; it just is rarely used in peacetime
Official Resources
Website: https://www.fccpc.gov.ng Contact: Federal Competition and Consumer Protection Commission (FCCPC)
Legal Framework
Promulgated as a military decree under the executive decree-making powers of the Supreme Military Council. Now retained as subsidiary legislation under the Price Control Act (Cap P17 LFN 2004) as applicable in the Laws of the Federation of Nigeria 2004. Enforcement relates to the Federal Competition and Consumer Protection Act 2019 and the Standards Organisation of Nigeria Act 2015.