The Federal Government has pledged to address the issue of rising prices of goods and services in Nigeria.
The acting Vice Chairman/CEO of the Federal Competition and Consumer Protection Commission (FCCPC), Dr. Adamu Abdullahi, disclosed this in a statement on Wednesday.
The prices of food items and commodities have spiked in recent months despite the recent appreciation of the Naira against the dollar.
This has led to complaints among Nigerians but the FCCPC said it will start monitoring and probing into abnormal price surges.
Abdullahi further stated that the commission will do everything within its power to safeguard consumers.
โThe Federal Competition and Consumer Protection Commission (FCCPC) is aware of the concerns expressed by Nigerians regarding the continued rise in prices of goods and services,โ Abdullahi said.
โDespite the recent appreciation of the Naira against the dollar, consumers continue to face escalating costs without a corresponding decrease in prices.
โThis situation is unacceptable, and the FCCPC is committed to protecting consumers from exploitation.โ
He added that the FCCPC understands the significant financial strain these rising prices are placing on Nigerian households.
As a result, Abdullahi said the commission is already taking proactive steps to address this issue.
However, while the FCCPC cannot directly regulate prices, Abdullahi said the commission will utilise its existing legal framework to enforce fair competition and consumer protection provisions.
These, according to him, include monitoring and investigating unusual price hikes as well as addressing complaints filed by consumers.
He said FCCPC will also take action against any business found to be engaging in anti-competitive practices such as price-fixing, price gouging or cartel formation.
To achieve all these, Abdullahi said the commission has directed its operatives 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.
These operatives have been directed to work 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.
According to the FCCPC boss, this will encourage increased competition, ultimately leading to lower prices for consumers.
He said the commission remains committed to educating consumers about their rights and empowering them to make informed choices.
โWe 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,โ Abdullahi said.
โThe FCCPC recognises the importance of working alongside other government agencies to tackle this complex issue.
โWe will collaborate with relevant regulatory bodies to develop a comprehensive and coordinated response to anti-competitive practices, price gouging, and other consumer protection issues.โ
He added that FCCPC is committed to ensuring a fair and competitive marketplace for all Nigerians.
Abdullahi also encouraged consumers to continue reporting suspected price gouging and other unfair trade practices through [email protected].
