Release: FCCPC Takes Action to Address Rising Prices and Protect Consumers Pursuant to Sections 17 (a), (e), (g), (l), (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. Despite the recent appreciation of the Naira against the dollar, consumers continue to face escalating costs without a corresponding decrease in prices. This situation is unacceptable, and the FCCPC is committed to protecting consumers from exploitation. 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 has 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. The 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. This will encourage increased competition, ultimately leading to lower prices for consumers. The Commission remains committed to educating consumers about their rights and empowering them to make informed choices. 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 recognises the importance of working alongside other government agencies to tackle this complex issue. We will collaborate with relevant regulatory bodies to develop a comprehensive and coordinated response to anti-competitive practices, price gouging, and other consumer protection issues. The FCCPC is committed to ensuring a fair and competitive marketplace for all Nigerians. We encourage consumers to continue reporting suspected price gouging and other unfair trade practices through [email protected]. Together, we can work towards a more stable, fair, and competitive marketplace for all Nigerians. Dr. Adamu Abdullahi Ag. Executive Vice Chairman/ Chief Executive Officer @NigeriaGov @NGRSenate @HouseNGR
@fccpcnigeria @TradeInvestNG @DrDorisAnite @thecableng @channelstv @tvcnewsng @ARISEtv @PremiumTimesng @DailyPostNGR @daily_trust @AIT_Online Let the commission put more efforts towards tackling issue of hoarding, especially that of essential commodities. The supply chair should freely flow - achieving that would potentially solve half of this unexplainable price hikes
@fccpcnigeria @TradeInvestNG @DrDorisAnite @thecableng @channelstv @tvcnewsng @ARISEtv @PremiumTimesng @DailyPostNGR @daily_trust @AIT_Online If this can be implemented and it not just let make statement shake, I will be gladly and commend the commission.
@fccpcnigeria @TradeInvestNG @DrDorisAnite @thecableng @channelstv @tvcnewsng @ARISEtv @PremiumTimesng @DailyPostNGR @daily_trust @AIT_Online Now FCCPC wants to wake up. I made a Complaint/report of the exploitation I went through in the hands of MTN/LUMOS in 2023 to your commission but you guys pushed it under the carpet, because we Nigerians don’t have a voice.
@fccpcnigeria @TradeInvestNG @DrDorisAnite @thecableng @channelstv @tvcnewsng @ARISEtv @PremiumTimesng @DailyPostNGR @daily_trust @AIT_Online When FG keep increasing TAX every now and then, you re talking about customers protection.
@fccpcnigeria @TradeInvestNG @DrDorisAnite @thecableng @channelstv @tvcnewsng @ARISEtv @PremiumTimesng @DailyPostNGR @daily_trust @AIT_Online @OPay_NG has refused to refund my 250,000 since June 2023. All efforts to get my money has failed. I’m calling on @fccpcnigeria to mandate them to pay me.
Summary: FCCPC in Nigeria addresses rising prices, pledging to protect consumers. Unable to regulate prices directly, they'll enforce fair competition laws, investigate price hikes, and collaborate to dismantle cartels. Advocating for consumer education, they urge reporting of unfair practices for a competitive marketplace.