The Federal Competition and Consumer Protection Commission (FCCPC) has announced a series of measures to address the growing concerns over the persistent surge in prices of goods and services despite the recent appreciation of the Naira against the US dollar.
Acting Chief Executive Officer of FCCPC, Dr. Adamu Abdullahi, emphasised the commission’s commitment to protecting consumers from exploitation in the face of escalating costs. Despite the recent gains of the Naira against the dollar, consumers have continued to struggle with high prices, prompting the FCCPC to take proactive steps.
“The FCCPC understands the significant financial strain these rising prices place on Nigerian households. As a result, the commission is taking proactive steps to address this issue,” Dr Abdullahi said.
He added that 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 businesses that engage in anti-competitive practices such as price-fixing, price gouging or cartel formation.
He highlighted the commission’s directive to intensify monitoring efforts in both formal and informal markets to prevent businesses from unjustly inflating prices. The FCCPC will collaborate with various stakeholders, including trade associations and farmer groups, to identify and eliminate barriers to entry across different sectors, combat price-fixing, and dismantle cartels. These efforts aim to encourage increased competition, ultimately leading to lower prices for consumers.
The recent appreciation of the Naira against the dollar has not translated into relief for consumers, with headline and food inflation continuing to rise, according to recent data from the National Bureau of Statistics. Food inflation surged to 40.01% year-on-year as of March 2024, driven by rising prices of essential food items such as garri, millet, and yam tubers.
The FCCPC urges Nigerians to report unfair trade practices, reaffirming its commitment to ensuring a fair and competitive marketplace for all. Dr. Abdullahi emphasised the importance of collaborative efforts with other government agencies to address the complex issue and encouraged consumers to report suspected price gouging and unfair trade practices.
Despite the positive development of the Naira strengthening against the dollar, consumers have not experienced a corresponding decrease in the cost of living. This situation highlights the need for regulatory intervention to protect consumers from exploitation and ensure their financial well-being.
The FCCPC’s commitment to utilising its existing legal framework to enforce fair competition and consumer protection provisions signifies a proactive approach to addressing the issue. By intensifying monitoring efforts and collaborating with stakeholders, including trade associations and farmer groups, the Commission aims to identify and eliminate barriers to entry across different sectors. This strategy not only aims to combat price-fixing and dismantle cartels but also seeks to promote increased competition, which could ultimately lead to lower prices for consumers.
