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.
Its Acting Executive Vice Chairman, Dr Adamu Abdullahi said this reacting to complaints by consumers that in spite of the appreciation of the Naira against the dollar, prices of goods were still increasing.
Abdullahi said in a statement in Abuja that the situation was unacceptable, and the Commission was committed to protecting consumers from exploitation.
He said the operatives of CCommission would work with trade associations, farmer groups, and other stakeholders to combat price-fixing, and dismantle cartels.
This, according to Abdullahi, will encourage increased competition and ultimately lead to lower prices for consumers.
He said the Agency understands the significant financial strain the rising prices are placing on Nigerian households, as a result, the Commission is taking proactive steps to addressing this issue.
According to him, while the Commission cannot directly regulate prices, the Commission will utilise its existing legal framework to enforce fair competition and consumer protection provisions.
Abdullahi stated that 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 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.
”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,” he said.
He encouraged consumers to continue to report 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.