The Federal Government has announced its proactive stance in addressing the rising prices of goods and services, despite the recent strengthening of the Naira against the dollar, aiming to safeguard consumers’ interests.
The Federal Competition and Consumer Protection Commission (FCCPC) stated its commitment to monitor and investigate abnormal price surges, while also taking stringent actions against any companies found guilty of unfair market practices like price manipulation, excessive pricing, or cartel formation.
According to a statement released by the FCCPC, the commission is fully aware of the concerns voiced by Nigerians regarding the persistent increase in prices. Despite the recent positive movement of the Naira, consumers continue to bear the brunt of escalating costs without a corresponding reduction in prices.
This situation is deemed unacceptable, prompting the FCCPC to assertively defend consumers against exploitation.
While direct price regulation falls outside the FCCPC’s mandate, the commission vows to utilize its existing legal framework to enforce fair competition and consumer protection provisions.
This entails vigilant monitoring of unusual price hikes, prompt investigation of consumer complaints, and decisive action against businesses involved in anti-competitive practices such as price-fixing and cartel formation.
The FCCPC has instructed its enforcement teams to intensify surveillance across both formal and informal markets, targeting businesses taking advantage of market conditions to unjustly inflate prices.
Collaborative efforts with trade associations, farmer groups, and other stakeholders are prioritized to identify and eliminate barriers to entry in various sectors, combat price-fixing, and dismantle cartels, ultimately fostering increased competition and lower prices for consumers.
In addition to enforcement measures, the commission remains dedicated to consumer education and empowerment, with plans for advocacy campaigns to raise awareness about price gouging and unfair trade practices.
The FCCPC emphasizes the importance of collaboration with other government agencies to develop a comprehensive response to anti-competitive practices and consumer protection issues.
The FCCPC reassures Nigerians of its commitment to ensuring a fair and competitive marketplace, encouraging consumers to report suspected price gouging and unfair trade practices for prompt action. Through collective efforts, a more stable, fair, and competitive marketplace can be achieved for all Nigerians.
