The Federal Competition and Consumer Protection Commission (FCCPC) has expressed concern over the continued surge in the prices of goods despite the recent appreciation of the Naira against the dollar. Dr. Adamu Abdullahi, the Acting Executive Vice Chairman and Chief Executive Officer of FCCPC, voiced dissatisfaction with the financial burden imposed on Nigerian households due to these escalating costs. Speaking in Abuja, Abdullahi underscored the Commission’s commitment to safeguarding consumers from exploitation in the marketplace.
While acknowledging the FCCPC’s limited authority to directly regulate prices, Abdullahi emphasized the Commission’s resolve to leverage its existing legal framework to uphold fair competition and protect consumer rights. He highlighted proactive measures being taken to address the issue, including monitoring and investigating unusual price hikes and addressing consumer complaints promptly. Additionally, the FCCPC aims to take decisive action against businesses engaging in anti-competitive practices such as price-fixing, price gouging, or cartel formation.
Abdullahi outlined the FCCPC’s strategy to bridge the gap between the Commission and consumers through advocacy and public awareness campaigns. These initiatives will raise awareness about price gouging and other unfair trade practices, empowering consumers to identify and report such activities. Furthermore, the FCCPC plans to collaborate closely with relevant regulatory bodies to develop a comprehensive and coordinated response to anti-competitive practices, price gouging, and other consumer protection issues. Through robust enforcement and collaboration, the FCCPC seeks to ensure a fair and transparent marketplace that benefits all stakeholders.
