News
Cracking Down On Price Gouging: FCCPC Unleashes Market Monitors As Costs Soar
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Federal Competition and Consumer Protection Commission (FCCPC) intensifying monitoring of markets to identify businesses unfairly inflating prices
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Operatives to work with trade groups, farmers to remove barriers, combat price-fixing and dismantle cartels to boost competition
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FCCPC to launch consumer education campaigns on price gouging, collaborate with regulators on anti-competitive practices
Eko Hot Blog reports that in a statement signed by the Acting Executive Vice Chairman/Chief Executive Officer, Dr. Adamu Abdullahi, the Commission announced that “it 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.”
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The operatives will collaborate closely 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,” according to the statement.
This multipronged approach aims to encourage increased competition, ultimately translating to lower prices for consumers.
Recognizing the importance of consumer awareness, the FCCPC stated, “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.”
Moreover, the Commission acknowledged the need for a coordinated effort, stating, “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.”
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As Nigerians continue to grapple with the rising cost of living, the FCCPC’s intensified monitoring efforts and collaborative approach signify a determination to curb unfair pricing practices and safeguard consumer interests.
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