Amidst concerns over the continued surge in prices of goods and services despite the recent strengthening of the Naira against the dollar, the Federal Competition and Consumer Protection Commission (FCCPC) has announced measures to safeguard consumers from exploitation.
Describing the situation as unacceptable, the FCCPC vowed not to stand idly by while Nigerian consumers bear the brunt of inflated prices. In a statement released to journalists and signed by the Acting Executive Vice Chairman/Chief Executive Officer, Dr. Adamu Abdullahi, the Commission outlined its proactive approach to address the issue.
The FCCPC disclosed that it has instructed its operatives to intensify monitoring efforts in both formal and informal markets to identify businesses involved in unjustifiable price hikes. The statement emphasized the Commission’s commitment to taking enforcement actions against such businesses.
“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 statement read.
Furthermore, the FCCPC stated its intention to collaborate with trade associations, farmer groups, and other stakeholders to identify and eliminate barriers to entry in various sectors. By combating price-fixing and dismantling cartels, the Commission aims to foster increased competition, leading to lower prices for consumers.
Additionally, the Commission highlighted its dedication to consumer education and empowerment. It pledged to conduct advocacy and public awareness campaigns to inform consumers about their rights and provide guidance on identifying and reporting price gouging and other unfair trade practices.
Recognizing the complexity of the issue, the FCCPC emphasized the importance of collaboration with other government agencies and regulatory bodies. It vowed to work alongside relevant authorities to develop a comprehensive and coordinated response to anti-competitive practices and consumer protection issues.
In concluding the statement, the FCCPC reiterated its commitment to ensuring a fair and competitive marketplace for all Nigerians. It encouraged consumers to report suspected price gouging and unfair trade practices, underscoring the collective effort required to achieve a stable, fair, and competitive marketplace.
The FCCPC’s decisive action reflects its determination to address the economic challenges facing Nigerian consumers and promote a more equitable and transparent marketplace.
