The Acting Executive Vice Chairman, Federal Competition and Consumer Protection Commission Dr. Adamu Abdullahi says the agency will utilize its existing legal framework to enforce fair competition and consumer protection provisions.
According to a statement by the commission’s chairman, it is aware of the concerns expressed by Nigerians regarding the continued rise in prices of goods and services, despite the recent appreciation of the Naira against the dollar.
The Commission 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.
It further said 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 to increase competition.
The statement said the measure “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 describes an unacceptable situation where consumers continue to face escalating costs without a corresponding decrease in prices and expresses the Commission’s determination to protect consumers from exploitation.
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