The Federal Competition and Consumer Protection Commission (FCCPC) has promised to protect consumers amidst the irregularities in the market prices and shield them from exploitation. This is a move in direct response to concerns raised by consumers about the rising costs of goods despite the recent strengthening of the naira against the dollar.
The Commission said price discrepancies remain a significant issue and emphasised that consumers have the right to be informed of the prices of items they intend to purchase.
In a statement released by the acting Executive Vice Chairman and Chief Executive Officer, FCCPC, Dr. Adamu Abdullahi. He said the commission was aware of the concerns expressed by Nigerians regarding the continued rise in prices of goods and services.
Abdullahi, said that the commission cannot directly regulate prices rather, it would utilise its existing legal framework to enforce fair competition and consumer protection provisions, including monitoring and investigating unusual price hikes, addressing complaints filed by consumers, and taking action against any businesses found to be engaging in anti-competitive practices such as price-fixing, price gouging or cartel formation.
He said, “The FCCPC understands the significant financial strain these rising prices place on Nigerian households. As a result, the Commission is taking proactive steps to address this issue.
“The commission has directed its operatives to intensify monitoring of both formal and informal markets, where businesses may be taking advantage of market conditions to unfairly inflate prices, and ramp up enforcement activities”.
The operatives will work collaboratively with trade associations, farmer’s groups, and other stakeholders to identify and remove unnecessary barriers to entry in various sectors, combat price-fixing, and dismantle cartels. This will encourage increased competition, ultimately leading to lower prices for consumers, he said.
The FCCPC boss further assured that it remained committed to educating consumers about their rights and empowering them to make informed choices.
We will engage in advocacy and public awareness campaigns to raise awareness about price gouging and other unfair trade practices and provide guidance to identify and report such practices.
The FCCPC recognises the importance of working alongside other government agencies to tackle this complex issue. We will collaborate with relevant regulatory bodies to develop a comprehensive and coordinated response to anti-competitive practices, price gouging, and other consumer protection issues, he said.
