FCCPC Vows Vigilance Amidst Soaring Commodity Prices

By Helen Okechukwu, JKNMedia Reporter

WORRIED by the persistent surge in commodity prices, the Federal Competition and Consumer Protection Commission (FCCPC) has pledged rigorous monitoring to curb irregularities in the pricing of goods and services across Nigeria.

Responding to the gush of complaints from consumers nationwide regarding exorbitant costs of essential items, the agency has issued a stern warning, declaring its intents to crackdown on businesses involved in anti-competitive practices.

In an official statement disclose to JKNewsMedia and attributed to Adamu Abdullahi, Acting Executive Chairman and Chief Executive Officer (AEVC/CEO), FCCPC, he affirmed the agency’s readiness to take legal action against anyone or entities found culpable of price-fixing, price gouging or cartelization in any section of the country.

Emphasizing the gravity of the situation, FCCPC has mobilized its investigative arm to identify and penalize both formal and informal market players engaged in price manipulation, the agency has expressed strong dismay over the persistent price hikes despite favourable currency dynamics.

Towards addressing the issue comprehensively, FCCPC announced plans for collaboration with trade associations, farmer groups, governmental bodies, and other stakeholders to dismantle cartels and ensure a level playing field.

The FCCPC executive said the partnership aims to rein in the escalating cost of goods and services, striving to maintain a fair and competitive marketplace for Nigerian consumers.

Nevertheless, FCCPC underscores the importance of consumer education, advocating for informed decision-making and fair-pricing practices.  

“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 statement said.

Urging consumers to be vigilant, the FCCPC instructed individuals to report instances of unjustifiable price hikes and unfair trade practices through its dedicated website: contact@fccpc.gov.ng

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