The Federal Government has said it would take action on the rising price of commodities within the nation.
The Federal Competition and Consumer Protection Commission (FCCPC) disclosed this in a press statement on its X account on Wednesday, April 17, 2024. The FCCPC says it will monitor and probe abnormal price surges and take firm measures against any companies caught engaging in unfair market practices like price manipulation, excessive pricing, or cartel formation.
Pursuant to 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 Wednesday, April 17, 2024: The Federal Competition and Consumer Protection Commission (FCCPC) is aware of the concerns expressed by Nigerians regarding the continued rise in prices of goods and services.
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Despite the recent appreciation of the Naira against the dollar, consumers continue to face escalating costs without a corresponding decrease in prices.
This situation is unacceptable, and the FCCPC is committed to protecting consumers from exploitation. 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.
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.
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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.
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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.