WED APRIL 17 2024-theGBJournal|The Federal Competition and Consumer Protection Council (FCCPC) has said that it is committed to protecting consumers from exploitation as costs of living escalates despite recent appreciation of the local currency, the Naira.
”This situation is unacceptable, and the FCCPC is taking proactive steps to address this issues,” the Commission said.
The FCCPC warning stems from concerns expressed by Nigerians regarding the continued rise in prices of goods and services.
”While the FCCPC cannot directly regulate prices, the Commission will utilise its existing legal framework to enforce fair competition and consumer protection provisions,” the Commission warned in a statement signed by its Ag Executive Chairman/CEO, Dr. Adamu Abdullahi today.
FCCPC said the enforcement will include 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 also said that it 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.
It said the operatives will be working collaboratively with trade associations, farmers group, and other stakeholders to identify and remove unnecessary barriers to entry in various sectors, combat price-fixing and dismantle cartels.
”This will encourage increased competition, ultimately leading to lower prices for consumers,” the FCCPC noted.
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