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Nigeria
May 29, 2024
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Naira Gain: FCCPC Vows to Protect Consumers, Stop Exploitation 

The Federal Competition and Consumer Protection Commission (FCCPC) is actively working to safeguard consumers amidst ongoing price hikes for goods and services, despite the recent strengthening of the Naira against the dollar.

In a press release shared with reporters and signed by the Acting Executive Vice Chairman/Chief Executive Officer, Dr. Adamu Abdullahi, the Commission has directed its teams to enhance surveillance of both formal and informal markets to pinpoint businesses involved in unjustified price increases, ensuring appropriate enforcement measures are taken.

According to the statement, “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 to entry in various sectors, combat price-fixing, and dismantle cartels. This will encourage increased competition, ultimately leading to lower prices for consumers.

“The Commission remains committed to educating consumers about their rights and empowering them to make informed choices. We will engage in advocacy and public awareness campaigns to raise awareness about price gouging and other unfair trade practices and provide guidance on how to identify and report such practices.

“The FCCPC recognises the importance of working alongside other government agencies to tackle this complex issue. We will collaborate with relevant regulatory bodies to develop a comprehensive and coordinated response to anti-competitive practices, price gouging, and other consumer protection issues.

“The FCCPC is committed to ensuring a fair and competitive marketplace for all Nigerians. We encourage consumers to continue reporting suspected price gouging and other unfair trade practices through contact@fccpc.gov.ng. Together, we can work towards a more stable, fair, and competitive marketplace for all Nigerians

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