The Federal Competition and Consumer Protection Commission (FCCPC), says , it is unacceptable that despite the recent appreciation of the Naira against the Dollar, consumers continue to face escalating costs without a corresponding decrease in prices.
To this end, the commission has resolved to monitor and investigate unusual price hikes of goods and services consumers are facing.
Ag. Executive Vice Chairman/ Chief Executive Officer, Dr. Adamu Abdullahi in a statement issued Wednesday said it while it cannot directly regulate prices, the Commission would utilise its existing legal framework to enforce fair competition and consumer protection provisions.
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.
It added that its operatives would 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.
It pointed out that this would encourage increased competition, ultimately leading to lower prices for consumers.
It said: “The 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.
“Despite the recent appreciation of the Naira against the dollar, consumers continue to face escalating costs without a corresponding decrease in prices.
“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.”