The Federal Competition and Consumer Protection Commission (FCCPC) has ordered its officials to monitor and enforce fair pricing practices both in formal and informal markets in Nigeria amid the rising cost of living.
This is contained in a statement from its Acting Chief Executive Officer, Dr. Adamu Abdullahi, on Wednesday, April 17.
FCCPC argued that despite the recent appreciation of the Naira against the dollar, consumers continue to face escalating costs without a corresponding decrease in prices, adding that such a situation is not acceptable
The commission therefore said that its agents will increase surveillance of all market sectors, including formal and informal settings where there is potential for businesses to exploit market conditions by unjustly raising prices, and to enhance enforcement measures.
According to Abdullahi, the agents will collaborate with trade associations, farmer groups, and other relevant stakeholders to identify and eliminate unwarranted entry barriers across different sectors, fight price-fixing, and break up cartels.
“Despite the recent appreciation of the Naira against the dollar, consumers continue to face escalating costs without a corresponding decrease in prices.
In an earlier statement by FCCPC, reported by TheWitness, the commission had urged Nigerians to report unfair trade practices to them.
