The Federal Competition and Consumer Protection Commission has issued a directive instructing its enforcement team to closely observe both formal and informal marketplaces for any signs of businesses exploiting market conditions by unjustly inflating prices, while also intensifying their efforts in enforcing regulations.
The commission mentions that these enforcement agents will be collaborating with industry associations, farming communities, and other relevant parties to pinpoint and eliminate unnecessary obstacles hindering market entry across various sectors. They aim to crack down on price manipulation and dismantle any existing cartels found to be operating in these markets.
Dr. Adamu Abdullahi, the Acting Executive Vice Chairman/Chief Executive Officer of FCCPC, highlighted in a press release that this proactive measure is geared towards fostering healthy competition among enterprises, ultimately resulting in reduced prices of goods and services nationwide.
“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 Federal Competition and Consumer Protection Commission (FCCPC) highlighted that in addition to the mentioned measure, along with the various other initiatives underway, the commission is actively working to safeguard consumers from the ongoing escalation in the costs of products and services, even amidst the recent strengthening of the Naira against the dollar.
The FCCPC expressed its strong disapproval of the situation, deeming it as intolerable and emphasized its firm stance against the exploitation of Nigerian consumers. The commission assured that it is diligent and proactive in its efforts to address such concerns and protect the interests of the public, underscoring its dedication to ensuring fair market practices and consumer rights are upheld.
It stated , “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 Federal Competition and Consumer Protection Commission (FCCPC) reiterated its unwavering dedication to establishing an equitable and dynamic market environment accessible to all citizens of Nigeria.
The commission emphasized the importance of consumers remaining vigilant and proactive in reporting instances of suspected price gouging and any other forms of unjust trade behaviors.
By promptly notifying the FCCPC at contact@fccpc.gov.ng, consumers can play an essential role in fostering a stable, just, and competitive marketplace that prioritizes the welfare and rights of all Nigerians. Your continued support and engagement are vital in contributing to a marketplace where fair trade practices prevail and benefit the entire spectrum of consumers in Nigeria.
“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 restated.
