By Adedapo Adesanya
The federal government, through its agency, the Federal Competition and Consumer Protection Commission (FCCPC), has vowed to take stringent regulatory measures against traders unfairly inflating prices of goods and commodities amid biting hardship in the country.
The regulator expressed worry that despite the recent appreciation of the Naira against the dollar, consumers continue to face escalating costs without a corresponding decrease in prices of goods and commodities.
“This situation is unacceptable, and the FCCPC is committed to protecting consumers from exploitation,” the FCCPC head, Mr Adamu Abdullahi said in a statement on Wednesday.
“The FCCPC understands the significant financial strain these rising prices are placing on Nigerian households. As a result, the commission is taking proactive steps to address this issue,” he added.
He said that while the FCCPC cannot directly regulate prices, the commission will utilise its existing legal framework to enforce fair competition and consumer protection provisions.
“This includes monitoring and investigating unusual price hikes, addressing complaints filed by consumers, and taking action against any businesses found to be engaging in anti-competitive practices such as price-fixing, price gouging or cartel formation.”
The commission said its operatives have been directed 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.
“The operatives will be working collaboratively 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. This will encourage increased competition, ultimately leading to lower prices for consumers,” he noted.
The NBS showed on Monday that Nigeria’s inflation rate jumped to a 28-year Hugh of 33.20 per cent in March 2024 compared to the February 2024 headline inflation rate which was 31.70 per cent.
The inflation for March 2024 was largely driven by an increase in food such as garri, millet, yam, and bread coupled with energy and housing costs.
The inflation report by the NBS followed the hike of Nigeria’s interest rate from 22.75 per cent to 24.75 per cent by the Monetary Policy Committee (MPC) of the apex bank.