FCCPC Vows to Protect Consumers Amid Rising Costs Despite Naira Appreciation

The Federal Competition and Consumer Protection Commission (FCCPC) has pledged to safeguard Nigerian consumers from escalating prices of goods and services, despite the recent appreciation of the Naira against the dollar.

The commission has declared this situation unacceptable and vowed to shield consumers from exploitation.

In a statement issued by the acting Executive Vice Chairman/Chief Executive, Dr. Adamu Abdullahi, the FCCPC acknowledged the concerns expressed by Nigerians regarding the continuous increase in prices of goods and services.

Although the commission cannot directly regulate prices, it plans to leverage its existing legal framework to enforce fair competition and consumer protection provisions.

To address the issue, the FCCPC 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.

The commission has also ramped up enforcement activities and is working collaboratively with trade associations, farmer groups, and other stakeholders to identify and remove unnecessary barriers to entry in various sectors.

FCCPC has assured that it remains committed to educating consumers about their rights and empowering them to make informed choices.

The commission will engage in advocacy and public awareness campaigns to raise awareness about price gouging and other unfair trade practices.

It will also provide guidance to help consumers identify and report such practices.

Moreover, the FCCPC recognizes the importance of working alongside other government agencies to tackle this complex issue.

It will collaborate with relevant regulatory bodies to develop a comprehensive and coordinated response to anti-competitive practices, price gouging, and other consumer protection issues.

Through these measures, the FCCPC aims to ensure fair competition and protect consumers from exploitation, ultimately leading to lower prices for essential goods and services.