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FCCPC Takes Action to Address Rising Prices and Protect Consumers

Boom RadioNG | April 17, 2024

The Federal Competition and Consumer Protection Commission (FCCPC) has responded to the concerns raised by Nigerians regarding the persistent increase in prices of goods and services. Despite the recent strengthening of the Naira against the dollar, consumers are experiencing continued price hikes without corresponding decreases. In light of this, the FCCPC is committed to safeguarding consumers from exploitation and addressing this issue.

an image of a supermarket

an image of a supermarket

While the FCCPC cannot directly regulate prices, it is leveraging its legal framework to enforce fair competition and consumer protection provisions. This includes monitoring and investigating unusual price increases, addressing consumer complaints, and taking action against businesses engaged in anti-competitive practices such as price-fixing and cartel formation.

The Commission has directed its operatives to intensify monitoring of both formal and informal markets to prevent unfair price inflation and enhance enforcement activities. Collaborative efforts with trade associations, farmer groups, and other stakeholders will be undertaken to identify and remove barriers to entry in various sectors, combat price-fixing, and dismantle cartels, ultimately fostering increased competition and lower prices for consumers.

In addition, the FCCPC is dedicated to educating consumers about their rights and empowering them to make informed choices. Advocacy and public awareness campaigns will be conducted to raise awareness about price gouging and unfair trade practices, as well as provide guidance on identifying and reporting such activities.

Recognizing the complexity of the issue, the FCCPC will collaborate with relevant regulatory bodies to develop a comprehensive and coordinated response to anti-competitive practices, price gouging, and other consumer protection issues.

The FCCPC encourages consumers to report suspected price gouging and unfair trade practices through, emphasizing the collective effort needed to create a fair and competitive marketplace for all Nigerians.

Written by Boom RadioNG


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