In response to mounting concerns over the relentless surge in prices of goods and services, the Federal Competition and Consumer Protection Commission (FCCPC) has vowed to intervene and shield consumers from exploitation.
Despite the recent strengthening of the Naira against the dollar, consumers are still grappling with escalating costs without any corresponding reduction in prices.
According to a statement released by Adamu Abdullahi, the Executive Vice Chairman/ Chief Executive Officer of the FCCPC, the commission is deeply troubled by this trend and is determined to address it effectively.
The FCCPC, guided by the provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018, is taking proactive measures to tackle the issue. While direct price regulation falls beyond its scope, the commission will leverage its legal framework to ensure fair competition and protect consumers’ rights.
Among the steps outlined in the statement are monitoring and investigating unusual price hikes, addressing consumer complaints, and taking decisive action against businesses found engaging in anti-competitive practices such as price-fixing and cartel formation.
The FCCPC recognized the strain that rising prices place on Nigerian households and is committed to alleviating this burden through robust enforcement measures.
The statement reads in parts: ” Pursuant to Sections 17 (a), (e), (g), (l), (s); 72(2)(a); 108(1)(b); 124; & 127(1)(a)(b) of the Federal Competition and Consumer Protection Act (FCCPA) 2018
“Wednesday, April 17, 2024: 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 decrease in prices. This situation is unacceptable, and the FCCPC is committed to protecting consumers from exploitation.
“The FCCPC understands the significant financial strain these rising prices are placing on Nigerian households. As a result, the Commission is taking proactive steps to address this issue.
“While the FCCPC cannot directly regulate prices, the Commission will utilise 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.“
