FCCPC vows to enforce fair competition, wrestle unusual price hike
The Federal Competition and Consumer Protection Commission (FCCPC) has vowed to monitor and investigate unusual hikes in the prices of consumer goods and services in the country.
Adamu Abdullahi, Acting Executive Vice Chairman/Chief Executive Officer, in a statement, said it was unacceptable that despite the recent appreciation of the Naira against the Dollar, consumers continue to face escalating costs without a corresponding decrease in prices.
He added that while it cannot directly regulate prices, the Commission would utilize its existing legal framework to enforce fair competition and consumer protection provisions.
“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.
“Despite the recent appreciation of the Naira against the dollar, consumers continue to face escalating costs without a corresponding price decrease. This situation is unacceptable, and the FCCPC is committed to protecting consumers from exploitation.
“While the FCCPC cannot directly regulate prices, the Commission will utilize 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.”
Abdullahi added that 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.
He said cooperatives 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.
