From Fred Ezeh, Abuja
Federal Competition and Consumer Protection Commission (FCCPC) said, on Wednesday, that it has mobilized its operatives to the markets and other informal settings to monitor the activities of operators who might have engaged in unfair hike in prices of items.
The Commission said the horrible experience of escalating costs of goods and services despite the recent appreciation of the Naira against the dollar was unacceptable, hence it’s are committed to protecting consumers from exploitation.
Dr. Adamu Abdullahi, Acting Executive Vice Chairman/Chief Executive Officer of the Commission, in a statement, said that FCCPC understands the significant financial strain these rising prices are placing on Nigerian households, hence it’s taking proactive steps to address the issue.
He noted that while the FCCPC cannot directly regulate prices, the Commission will utilise its existing legal framework to enforce fair competition and consumer protection provisions. “This may include monitoring and investigating unusual price hikes, addressing complaints filed by consumers, and taking action against businesses found to be engaging in anti-competitive practices such as price-fixing, price gouging or cartel formation.
“FCCPC operatives will work 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, unarguably, encourage competition, ultimately leading to lower prices for consumers.”
He said 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.”
He also said that FCCPC recognises the importance of working alongside other government agencies to tackle the issue. “To this end, we will collaborate with relevant regulatory bodies to develop a comprehensive and coordinated response to anti-competitive practices, and other consumer protection issues.”
Additionally, he promised that FCCPC will ensure a fair and competitive marketplace for all Nigerians, thus encouraging consumers to report unfair trade practices to the Commission.