By Eze Nnanyereugo
First lets look at the meaning of price control; Price control is a government-mandated legal minimum or maximum prices set for specified goods. It is usually implemented as a means of direct economic intervention to manage the affordability of certain goods.
There are two primary forms of price control. They are the price ceiling and the price floor. The price ceiling form of price control means the maximum price that can be charged, while the price floor means the minimum price that can be charged.
For there to be successful price control in an economy the government will have to play a major role, putting the mechanism on ground, setting up a regulatory agency for that purpose, because the prices of essential goods changes from time to time.
In the case of Nigeria, government have not played any role in the national economic sector to control prices, the office of price regulation is not in existence, the institution for price control does not exist, thus price control is dead when the institutions are not there.
Someone might argue that fuel pump price is regulated in Nigeria, what they called fuel subsidy policy was introduced in 1980s to control fuel pump price, but since that time till now the price of fuel has continue to soar, the price has continue to fluctuate in that some times filling stations sells at more than the approved pump price openly and get away with it, and fuel price alone should not be used as the indices to measure price control in Nigeria, when every other essential commodities are not regulated.
Following the points marshalled above, I hereby assert unequivocally that price control is dead in Nigeria.