FCCPC To Act Over Rising Commodity Prices

THE nation's growing commodity prices have prompted the federal government to declare that it will take action.

On Wednesday, April 17, 2024, the Federal Competition and Consumer Protection Commission (FCCPC) revealed this in a news release on its X account. According to the FCCPC, any businesses found to be involved in unfair market activities, such as price manipulation, exorbitant pricing, or cartel formation, would face strict penalties. It will also monitor and investigate any unusual price rises.

Pursuant to Sections 17 (a), (e), (g), (I), (s); 72(2)(a); 108(1)(b); 124; & 127(1)(a) (b) of the Federal Competition and Consumer Protection Act (FCCPA) 2018 Wednesday, April 17, 2024: 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.

Customers still have to deal with rising costs without a corresponding drop in pricing, even with the Naira's recent appreciation vs the US dollar.

The FCCPC is dedicated to shielding customers from exploitation, and this scenario is intolerable. The enormous financial hardship that these escalating costs are imposing on Nigerian consumers is acknowledged by the FCCPC. The Commission is addressing this issue head-on by taking proactive measures.

The Commission will make use of the current legal framework to enforce fair competition and consumer protection rules, even if the FCCPC is not able to directly regulate pricing. This entails keeping an eye on and looking into sudden price increases, responding to consumer complaints, and taking legal action against companies who are shown to be participating in anti-competitive activities such price-fixing, price gouging, or cartel formation.

This will stimulate more competition, which will ultimately result in reduced consumer pricing. The Commission is still dedicated to providing consumers with information about their rights and the tools they need to make wise decisions. In order to increase public knowledge of price gouging and other unfair trade practices, we will launch advocacy and public awareness initiatives. We will also offer instructions on how to spot and report these abuses.

The FCCPC understands how critical it is to collaborate with other governmental organizations in order to address this intricate problem. In order to create a thorough and well-coordinated response to price gouging, anti-competitive behavior, and other consumer protection concerns, we will work with the pertinent regulatory authorities.

The FCCPC is dedicated to giving all Nigerians access to a just and competitive marketplace.

Customers are encouraged to keep reporting instances of unfair trade practices, such as price gouging, to contact@fccpc.gov.ng.