The Federal Competition and Consumer Protection Commission (FCCPC) says it is taking steps to protect consumers regarding the continued rise in prices of goods and services, despite the recent appreciation of the naira against the dollar.
The FCCPC, which described the situation as unacceptable, said it would not fold its hands while Nigerian consumers were being exploited.
In a statement made available to journalists and signed by the Ag. Executive Vice Chairman/ Chief Executive Officer, Dr. Adamu Abdullahi, said that the commission has ordered its operatives to intensify monitoring of both formal and informal markets to identify businesses engaged in unnecessary inflation of prices for required enforcement action.
According to the statement, “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 be working collaboratively with trade associations, farmer 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.
“The Commission remains 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 on how 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.
“The FCCPC is committed to ensuring a fair and competitive marketplace for all Nigerians. We encourage consumers to continue reporting suspected price gouging and other unfair trade practices through [email protected]. Together, we can work towards a more stable, fair, and competitive marketplace for all Nigerians.”
