The Federal Competition and Consumer Protection Commission (FCCPC) on Wednesday, expressed dissatisfaction with the escalating costs of goods despite the naira appreciation.
The Acting Executive Vice Chairman and Chief Executive Officer of FCCPC Dr. Adamu Abdullahi frowned against the significant financial strain these rising prices are placing on Nigerian households.
Abdullahi in Abuja said the situation is unacceptable, and the commission is committed to protecting consumers from exploitation.
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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.
“Despite the recent appreciation of the Naira against the dollar, consumers continue to face without a corresponding decrease in prices and the Commission is taking proactive steps to address this issue.
“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.
“The Commission 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.
“The operatives will be working 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 encourage increased competition, ultimately leading to lower prices for consumers” he said.
To bridge the gap between the Commission and the consumers, Abdullah said the FCCPC 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 added that stringent collaboration with relevant regulatory bodies to develop a comprehensive and coordinated response to anti-competitive practices, price gouging, and other consumer protection issues will be implemented.