The Federal Government has pledged to implement strict regulatory actions against traders who are unfairly inflating the prices of goods and commodities.
Despite the recent appreciation of the Naira against the dollar, the Federal Competition and Consumer Protection Commission (FCCPC) has expressed concern that consumers are still facing rising costs without a corresponding reduction in the prices of goods and commodities.
“This situation is unacceptable, and the FCCPC is committed to protecting consumers from exploitation,” the Commission’s chief Adamu Abdullahi said in a statement on Wednesday.
“The FCCPC understands the significant financial strain these rising prices are placing on Nigerian households. As a result, the Commission is taking proactive steps to address this issue.
“While the FCCPC cannot directly regulate prices, the Commission will utilise its existing legal framework to enforce fair competition and consumer protection provisions.
“This includes monitoring and investigating unusual price hikes, addressing complaints filed by consumers, and taking action against any businesses found to be engaging in anti-competitive practices such as price-fixing, price gouging or cartel formation.”
The Commission said its operatives have been directed 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.