Federal Competition and Consumer Protection Commission (FCCPC) today said, 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.
He emphasized their committments to protecting consumers from exploitation.
The Acting Executive Vice Chairman/Chief Executive Officer of the Commission, Dr. Adamu Abdullahi, today in a statement, said that FCCPC understands the significant financial strain the 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 but 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.
Dr Adams said the Commission remains committed to educating consumers about their rights and empowering them to make informed choices.
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, the FCCPC boss promised that commission will ensure a fair and competitive marketplace for all Nigerians, thus encouraging consumers to report unfair trade practices to the Commission.