By Uche Amunike
The Federal Competition and Consumer Protection Commission (FCCPC), has said that it will take action on the hike in prices of commodities in the country.
This disclosure was made in a press statement, signed and posted by her Acting Executive Vice Chairman/CEO, Dr Adamu Abdullahi on its official X page on Wednesday, April 17, 2024.
Speaking through the statement, the FCCPC boss stated that they would probe and supervise the markets and companies, so as to monitor any form of abnormal price hikes and would take firm measures against any companies caught engaging in unfair market practices like excessive pricing, price manipulation or cartel formation.
In accordance with sections 17 (a), (e), (g), (l), (s); 72(2)(a); 108(1)(b); 124; and 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 is aware of the concerns shown by Nigerians regarding the continued increase in prices of goods and services.
Even though the Naira recently appreciated against the dollar, consumers still face high costs of prices of goods and services without a corresponding decrease prices.
The Commission has described the situation as unacceptable and assured that they are committed to protecting consumers from all forms of exploitation, which is why they are taking proactive measures to address the situation.
He stated that the FCCPC will not be able to directly regulate prices. However, the Commission will use its existing legal framework to implement fair competition and consumer protection provisions, which include addressing complaints made by consumers, monitoring and investigating unusual price increments, as well as taking action against any businesses that are found to be engaging in anti-competitive practices like price fixing, cartel formation and price gouging.
He posited that the Commission has mandated its operatives to intensify the monitoring of both formal and informal markets, where businesses may take advantage of the conditions of the market to unfairly make increases in their prices and ramp up enforcement activities. They will also work in collaboration with trade associations, stakeholders and farmer groups in order to identify and get rid of unnecessary barriers to entry in different sectors come on dismantle cartels and also tackle price fixing.
This, he stated, will lead to more competition, even as it brings about lower prices for consumers. The Commission, he said, intends to continue to educate consumers about their rights while empowering them to make informed choices. They will also engage in advocacy and public awareness campaigns to raise awareness about price gouging and other unfair trade practices while providing guidance on how to identify and report such practices.
The statement also clarified that the FCCPC understands the importance of working side by side with other government agencies in order to combat these complex issues, while assuring that they would work in synergy with the necessary regulatory bodies that will help develop a thorough and coordinate third response to anti-competitive practices, other consumer protection issues, as well as price gouging.
‘The FCCPC Is committed to making sure that there is a fair and competitive marketplace for every Nigerian. They categorically stated that they would continue to encourage consumers to keep reporting suspected price gouging and other unfair trade practices through contact@fccpc.gov.ng,’ he maintained.
‘Together, we can work towards a more stable, fair, and competitive marketplace for all Nigerians’, the statement concluded..
