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FCCPC to intensify price monitoring in markets as naira appreciates against dollar

Mr Abdullahi said the operatives of FCCPC would work with trade associations, farmer groups, and other stakeholders to combat price-fixing and dismantle cartels.

• April 16, 2024
Foodstuff
Foodstuffs [Credit: Premium Times Nigeria]

The Federal Competition and Consumer Protection Commission (FCCPC) will intensify monitoring and enforcement in formal and informal markets to ensure business owners do not unfairly inflate prices.

Adamu Abdullahi, the acting executive vice chairman of the commission, was reacting to complaints by consumers that despite the naira appreciation against the dollar, prices of goods were still increasing.

Mr Abdullahi said in a statement in Abuja on Tuesday that the situation was unacceptable, and the commission was committed to protecting consumers from exploitation.

He said the FCCPC operatives would work with trade associations, farmer groups, and other stakeholders to combat price-fixing and dismantle cartels.

According to Mr Abdullahi, this will encourage increased competition and ultimately lower consumer prices.

”The FCCPC understands the significant financial strain these rising prices are placing on Nigerian households. As a result, the commission is taking proactive steps to address this issue.

”While the FCCPC cannot directly regulate prices, the commission will utilise its existing legal framework to enforce fair competition and consumer protection provisions.

”This includes monitoring and investigating unusual price hikes, addressing consumer complaints, and taking action against any businesses found to be engaging in anti-competitive practices such as price fixing, price gouging, or cartel formation.

”We 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.

”We will collaborate with relevant regulatory bodies to develop a comprehensive and coordinated response to anti-competitive practices, price gouging, and other consumer protection issues,” said Mr Abdullahi.

He encouraged consumers to continue to report suspected price gouging and other unfair trade practices through contact@fccpc.gov.ng.

”Together, we can work towards a more stable, fair, and competitive marketplace for all Nigerians,” he added.

 (NAN)

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