Dr. Adamu Abdullahi, the Acting Executive Vice Chairman/Chief Executive Officer of the Federal Competition and Consumer Protection Commission (FCCPC), has responded to mounting concerns over the relentless surge in prices of goods and services across Nigeria.
Despite the recent strengthening of the Naira against the dollar, consumers are grappling with ever-increasing costs, prompting the FCCPC to take decisive action to shield consumers from exploitation.
Acknowledging the strain placed on Nigerian households by escalating prices, the FCCPC is proactively tackling the issue. While direct price regulation falls beyond its purview, the Commission is leveraging existing legal mechanisms to uphold fair competition and safeguard consumer interests.
To this end, the FCCPC is intensifying its monitoring efforts in both formal and informal markets, targeting businesses that may be capitalizing on market conditions to unjustly inflate prices. Collaborating with trade associations, farmer groups, and other stakeholders, the Commission aims to dismantle barriers to entry, combat price-fixing, and foster healthy competition, ultimately driving prices down.
Additionally, the FCCPC is committed to consumer education and empowerment, planning advocacy campaigns to raise awareness about price gouging and unfair trade practices, while equipping consumers with the knowledge to identify and report such activities.
Recognizing the need for a coordinated approach, the FCCPC pledges to work closely with other government agencies and regulatory bodies to develop a comprehensive response to anti-competitive practices and consumer protection issues.
Dr. Adamu Abdullahi urges consumers to remain vigilant and report suspected price gouging and unfair practices to contact@fccpc.gov.ng, emphasizing the collective effort needed to cultivate a fair and competitive marketplace that benefits all Nigerians.