The Federal Competition and Consumer Protection Commission has stated that it would boldly step in to tackle the issue of escalating prices of goods and services.
This move is geared towards safeguarding consumers against businesses engaging in price fixing.
It highlighted the strain this act places on consumers’ well-being and economic stability and urged citizens to report such practices.
The FCCPC disclosed this in a statement posted on its official X handle on Sunday.
The statement read, “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 utilize 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.
“The operatives will be working collaboratively with trade associations, farmer groups, and other stakeholders to identify and remove unnecessary barriers.”
