The Federal Competition and Consumer Protection Commission (FCCPC) has voiced apprehension regarding the persistent surge in prices of goods and services, despite the recent strengthening of the naira against the dollar.

Adamu Abdullahi, the Commission’s acting Executive Vice Chairman/Chief Executive Officer, conveyed this concern via its official communication channel on Wednesday. He emphasized that the prevailing situation is unacceptable, reiterating the FCCPC’s steadfast commitment to shielding consumers from exploitation.

Abdullahi underscored that this action was prompted by numerous complaints from consumers and is consistent with the provisions outlined in sections 17(a), (e), (g), (l), (s); 72(2)(a); 108(1)(b); 124; & 127(1)(a)(b) of the Federal Competition and Consumer Protection Act (FCCPA) 2018.

“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.

“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 businesses that engage in anti-competitive practices such as price-fixing, price gouging or cartel formation,”

Price Inflation

The Commission’s proactive measures include directing its operatives to heighten surveillance across formal and informal markets, where businesses might exploit market conditions to unjustly hike prices and bolster enforcement efforts.

Mr. Abdullahi highlighted that the FCCPC will foster partnerships with trade associations, farmer groups, and other stakeholders to pinpoint and eliminate unnecessary entry barriers in various sectors. This collaborative effort aims to combat price-fixing and dismantle cartels.

According to him, fostering increased competition through these initiatives will ultimately result in lower consumer prices.

“The Commission remains committed to educating consumers about their rights and empowering them to make informed choices.

“We will engage in advocacy and public awareness campaigns to raise awareness about price gouging and other unfair trade practices and provide guidance on identifying and reporting such practices,” 

“The FCCPC is committed to ensuring a fair and competitive marketplace for all Nigerians. We encourage consumers to continue reporting suspected price gouging and other unfair trade practices through [email protected]. Together, we can work towards a more stable, fair, and competitive marketplace for all Nigerians,”