FCCPC intensifies efforts to ensure fair pricing amid rising costs
By Ibidunni Banjoko
The Federal Competition and Consumer Protection Commission (FCCPC) has taken decisive action to address concerns over escalating prices in Nigeria’s markets. In a statement issued by its Acting Chief Executive Officer, Dr. Adamu Abdullahi, on Wednesday, April 17, the commission announced measures to monitor and enforce fair pricing practices across formal and informal markets in the country.
Despite the recent strengthening of the Naira against the dollar, consumers are grappling with rising costs without a corresponding reduction in prices, a situation deemed unacceptable by the FCCPC. To tackle this issue, the commission has instructed its officials to intensify surveillance across all market sectors, including both formal and informal settings where businesses may exploit market conditions to unjustly inflate prices.
Dr. Abdullahi emphasized the FCCPC’s commitment to protecting consumers from exploitation, stating that while the commission cannot directly regulate prices, it will utilize its existing legal framework to enforce fair competition and consumer protection provisions.
In line with this directive, FCCPC agents will collaborate with trade associations, farmer groups, and other stakeholders to identify and eliminate barriers to entry in various sectors, combat price-fixing, and dismantle cartels. By fostering increased competition, the commission aims to ultimately lower prices for consumers and ensure a fair marketplace for all.
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