The Federal Competition and Consumer Protection Commission (FCCPC) says it will intensify monitoring and enforcement in formal and informal markets to ensure that business owners do not unfairly inflate prices.
The commission’s acting Executive Vice Chairman/ Chief Executive Officer, Adamu Abdullahi, on its X handle on Wednesday said the situation is unacceptable, and the FCCPC is committed to protecting consumers from exploitation.
Mr Abdullahi said the move is in response to consumers’ complaints and in line with the sections 17 (a), (e), (g), (l), (s); 72(2)(a); 108(1)(b); 124; & 127(1)(a)(b) of the Federal Competition and Consumer Protection Act (FCCPA) 2018.
“The FCCPC understands the significant financial strain these rising prices are placing on Nigerian households. As a result, the Commission is taking proactive steps to address this issue,” the statement reads.
“While the FCCPC cannot directly regulate prices, the Commission will utilise its existing legal framework to enforce fair competition and consumer protection provisions. This includes 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.
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.
According to Mr Abdullahi, the FCCPC 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, he said.
“The Commission remains committed to educating consumers about their rights and empowering them to make informed choices,” the statement reads.
“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 contact@fccpc.gov.ng. Together, we can work towards a more stable, fair, and competitive marketplace for all Nigerians.”
