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Chijioke Iremeka
The Federal Competition and Consumer Protection Commission has directed its operatives to monitor formal and informal markets where businesses may be taking advantage of market conditions to unfairly inflate prices, and ramp up enforcement activities.
The FCCPC said that 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.
According to a statement signed by the Acting Executive Vice Chairman/Chief Executive Officer of the FCCPC, Dr. Adamu Abdullahi, this strategy would encourage and increase competition among businesses, leading to lower prices of goods and services in the country.
“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 statement read.
The FCCPC noted that this step as well as other strategies being taken by the commission would protect consumers regarding the continued rise in prices of goods and services, despite the recent appreciation of Naira against the dollar.
The FCCPC described the situation as unacceptable and said that it would not fold its hands while Nigerian consumers are being exploited.
It added “The Commission is 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 noted that it is committed to ensuring a fair and competitive marketplace for all Nigerians and encouraged consumers to continue reporting suspected price gouging and other unfair trade practices through [email protected] in order to achieve a more stable, fair, and competitive marketplace for all Nigerians.
“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,” FCCPC further stated.
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