The Federal Competition and Consumer Protection Commission (FCCPC) has instructed its officials to oversee, and enforce fair pricing practices across Nigerian markets in response to the rising cost of living. Acting Chief Executive Officer, Dr. Adamu Abdullahi, issued this directive on Wednesday, April 17.
Despite the recent strengthening of the Naira against the dollar, consumers are still grappling with increasing costs without a corresponding reduction in prices. The FCCPC deems this situation unacceptable, and has vowed to protect consumers from exploitation.
Dr. Abdullahi emphasised that while the FCCPC cannot directly regulate prices, it will utilise its existing legal framework to enforce fair competition and consumer protection provisions. Agents will intensify monitoring efforts in both formal and informal markets, targeting businesses that may be inflating prices unfairly due to market conditions.
The commission’s operatives will collaborate with trade associations, farmer groups, and other stakeholders to identify, and remove barriers to entry in various sectors, combat price-fixing, and dismantle cartels. This collaborative approach aims to promote increased competition, and ultimately lead to lower prices for consumers.
In an earlier statement, the FCCPC urged Nigerians to report unfair trade practices. Despite the Naira’s appreciation against the Dollar, consumers continue to face high prices for goods and services. Headline inflation and food inflation persistently rise, according to recent data from the National Bureau of Statistics.
Food inflation, particularly, has surged to 40.01% year-on-year as of March 2024. The rise was attributed to rising prices for staple items such as garri, millet, and yams. The FCCPC’s actions aim to address these challenges and ensure fair pricing practices in Nigerian markets.
