Amidst growing concerns over price surge, the Federal Government has declared its commitment to implementing rigorous regulatory actions against traders inflating prices of goods and commodities.
The Federal Competition and Consumer Protection Commission, FCCPC, voiced concerns regarding the persistent rise in consumer costs despite the recent strengthening of the Naira against the dollar, consumers continue to purchase goods at a very high cost, lacking a corresponding decreases in prices of goods and commodities.
“This situation is unacceptable, and the FCCPC is committed to protecting consumers from exploitation.
“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.
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“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 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’s chief Adamu Abdullahi noted in a statement on Wednesday.
The Commission said its operatives have been directed 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 added.
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