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We Have No Plan To Control Food Prices In Nigeria – FCCPC
The Federal Competition and Consumer Protection Commission (FCCPC) has denied claims that it plans to regulate food and goods prices in Nigeria.
The commission clarified that its role is not to control prices but to ensure fair market practices.
This statement followed concerns from the Organised Private Sector and stakeholders about the FCCPC’s recent directive against price gouging and price fixing.
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EKO HOT BLOG reports that Ondaje Ijagwu, the FCCPC’s Director of Special Duties and Strategic Communication, emphasized that prices in a competitive market should be determined by supply and demand, and that the commission’s focus is on preventing exploitative behaviors rather than controlling prices.
“Price control is entirely outside the scope of our responsibilities.
We have never considered, nor will we ever consider, intervening in the market to regulate prices,” Ijagwu stated.
Control Food Prices FCCPC
The FCCPC acknowledged that external factors like exchange rate fluctuations and the removal of fuel subsidies have influenced pricing but warned that these factors should not justify exploitative practices.
The commission highlighted an example from the cement industry, where BUA Cement’s efforts to sell at a fair price were undermined by dealers inflating prices, demonstrating the need for regulatory oversight.
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Reassuring the business community, the FCCPC stated that its actions are meant to protect consumers without stifling private enterprise. To help businesses comply, the commission has granted a one-month moratorium before enforcement begins.
The FCCPC remains committed to monitoring the market, enforcing the Federal Competition and Consumer Protection Act 2018, and ensuring fair competition and consumer protection.
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