Inflated prices: FCCPC intensifies monitoring of formal, informal markets 

 

The Federal Competition and Consumer Protection Commission (FCCPC) 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.

The commission expressed concern that despite the recent appreciation of the Naira against the dollar, consumers continue to face escalating costs without a corresponding decrease in prices. 

The Ag. Executive Vice Chairman/ Chief Executive Officer, Dr. Adamu Abdullahi, in a press release said this situation is unacceptable, and the FCCPC is committed to protecting consumers from exploitation.

According to him, 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.

He said 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 remains committed to educating consumers about their rights and empowering them to make informed choices,” he said.