FCCPC to monitor price hikes to prevent consumer exploitation

The Federal Competition and Consumer Protection Commission (FCCPC) says it will monitor and investigate price hikes in the markets to protect consumers from exploitation.

In a statement from Adamu Abdullahi, FCCPC’s acting chief executive officer (CEO) on Wednesday, the commission said it was aware of the concerns expressed by Nigerians regarding the continued rise in prices of goods and services.

Abdullahi said despite the recent appreciation of the naira against the dollar, consumers continue to face escalating costs without a corresponding decrease in prices, adding that such a situation is not acceptable.

He said FCCPC operatives have been directed to intensify surveillance in all markets where businesses may be taking advantage of market conditions by unfairly increasing prices and to enhance enforcement measures.

“Despite the recent appreciation of the naira against the dollar, consumers continue to face escalating costs without a corresponding decrease in prices,” Abdullahi said.

“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.

“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 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.”

According to Abdullahi, 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, he said, would encourage increased competition, ultimately leading to lower prices for consumers.

Abdullahi said the commission will collaborate with relevant regulatory bodies to develop a comprehensive and coordinated response to anti-competitive practices, price gouging, and other consumer protection issues to tackle this complex issue.

He said FCCPC plans to conduct advocacy and public awareness initiatives concerning price gouging and other unjust trade practices.

This includes offering guidance on recognising and reporting such practices, educating consumers about their rights, and enabling them to make informed decisions.