National Orientation Agency (NOA) has cautioned traders against hoarding and unreasonably increasing the prices of essential food items during the upcoming Ramadan and Lent periods.
Gatekeepers News reports that in a statement on Thursday, NOA Director-General Lanre Issa-Onilu said the agency had received reports that some traders were deliberately withholding staple commodities commonly consumed during fasting seasons, creating artificial shortages and driving up costs.
He described such practices as economically harmful and morally unacceptable, especially during periods that emphasise reflection, sacrifice, and social responsibility.
“This is a period that calls for reflection, charity and empathy for the less privileged. It is deeply troubling that some individuals would exploit this spiritual moment for excessive profit-making at the expense of vulnerable citizens,” Issa-Onilu said.
The NOA DG added that hoarding and arbitrary price hikes undermine efforts to stabilise the economy, fuel inflation, and increase hardship for families already facing financial challenges.
He emphasised that ethical conduct in trade is both a patriotic duty and a moral responsibility, noting that fairness, transparency, and moderation in pricing reflect national values and religious teachings.
Issa-Onilu urged trade unions, market associations, and commodity groups to enforce discipline among their members and work with regulatory agencies to ensure compliance with ethical market practices.
The agency also reaffirmed its commitment to ongoing awareness campaigns across states and local government areas to promote economic responsibility, value reorientation, and national cohesion.
NOA said it would continue to monitor market developments, engage stakeholders, and take measures to protect consumers’ welfare.
