In a bid to curb the rise of exploitative pricing practices in the Nigerian market, the Federal Competition and Consumer Protection Commission (FCCPC) has taken a proactive stance, issuing a one-month moratorium to traders and other stakeholders involved in such activities.
The FCCPC’s directive comes amid growing concerns over the surge in prices of consumer goods and services in the country. Tunji Bello, the newly appointed Executive Vice Chairman of the FCCPC, highlighted the issue during a recent stakeholders’ engagement in Abuja.
FCCPC Clarifies Directive
In its statement on Saturday, the FCCPC emphasized that its directive is not an attempt at price control or a mandate to crash prices arbitrarily. Rather, the focus is on preventing businesses from engaging in exploitative conduct such as price gouging, price fixing, the creation of barriers to entry, and other anticompetitive behaviors prohibited under the Federal Competition and Consumer Protection Act (FCCPA) 2018.
“These practices distort the market and harm consumers, and our commitment is to uphold a marketplace rooted in fairness and accountability by enforcing the provisions of the FCCPA,” the statement read.
The FCCPC acknowledged the complexities of the current macroeconomic environment, including the removal of fuel subsidies and fluctuations in the foreign exchange market, and is actively working with stakeholders to address these broader economic challenges while promoting fair competition and consumer protection.
“Under Section 155, violators, whether individuals or corporate entities, face severe penalties, including substantial fines and imprisonment if found guilty by the court,” Bello warned, emphasizing the Commission’s resolve to deter such illicit practices.
Related: FCCPC Issues Stern Warning to Traders Amidst Price Gouging Concerns
Addressing Stakeholder Concerns
The FCCPC’s approach, however, is not entirely punitive. Bello acknowledged the concerns raised by market stakeholders, including the Chairman of the National Association of Nigerian Traders, FCT Chapter, Ifeanyi Okonkwo, who attributed the surge in prices to the high charges on imported goods at the ports.
“We have heard you, and you have genuine issues. The government has the responsibility to address these problems, but generally, let us also talk to ourselves,” Bello said, urging stakeholders to embrace the spirit of patriotism and cooperation.
Consumers Urged to Report Exploitative Practices
The FCCPC’s statement encourages businesses to comply with the law and consumers to report any instances of exploitative practices. “We look forward to your continued support and understanding,” the Commission said, underscoring its commitment to ensuring a fair and transparent marketplace for all.
If You Ask Me
As the one-month moratorium period begins, the FCCPC’s enforcement actions will be closely watched by both businesses and consumers alike. The Commission’s efforts to curb exploitative pricing practices are crucial in maintaining market stability and protecting the interests of Nigerian consumers amidst the country’s ongoing economic challenges.
