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July 20, 2024

FCCPC Intensifying Efforts to Curb Rising Food Prices 

The Federal Competition and Consumer Protection Commission (FCCPC) is intensifying efforts to curb the rising food prices in Nigeria. 

In a recent statement, the Executive Vice Chairman of the Commission, Dr Adamu Abdullahi expressed concern over media reports indicating a Federal High Court order for the government to regulate prices of certain food commodities, describing it as an uncommon practice in a free market.

The FCCPC, though not involved in the legal proceedings, is actively seeking the court’s judgment to formulate appropriate responses. 

They recently co-hosted a Fair Food Pricing Multi-stakeholders Workshop with Consumers International to gather data on anticompetitive activities like price gouging and fixing, aiming to understand the root causes of unfair pricing in the food sector.

Dr. Abdullahi emphasized the importance of empirical evidence in enforcing regulations and urged the public to report any illegal practices in the food chain industry. 

“The Commission is determined to address consumer protection and competition issues in the sector, particularly highlighting concerns about conspiracy, hoarding, and price manipulation at various levels of the supply chain.”he said.

Warning against price gouging, the statement underscored the FCCPC’s commitment to upholding the integrity of the food chain sector and enforcing penalties for violations of consumer rights. 

Dr. Abdullahi reiterated that businesses engaging in such practices would face swift and severe legal consequences, emphasizing the Commission’s zero-tolerance stance towards actions that harm consumers or distort competition.

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