The Federal Competition and Consumer Protection Commission (FCCPC) has announced its plans to engage market leaders and others in the supply and distribution chain across Nigeria to address the issue of exploitative pricing of consumer goods.
The initiative, which will commence in the coming days, is part of a broader effort to protect consumers from unfair pricing practices.
According to the FCCPC, while the exchange rate has impacted the value of the Naira, prices charged for imported products are often disproportionate, and those of locally produced goods are excessive. The Commission has observed that this unfair practice is prevalent in the retail segment of the distribution chain, where some market associations engage in price fixing at the expense of consumers.
The FCCPC believes that by working with market leaders, an understanding can be reached on reasonable pricing of products, eschewing undue profiteering at the expense of consumers during these challenging economic times. The Commission intends to sustain such interactions to foster a better market culture that allows for traders’ margins without leaving buyers exploited.
The Commission’s advocacy for Nigerian consumers aligns with President Bola Tinubu’s renewed hope agenda. As part of its efforts, the FCCPC has already mandated supermarket operators to visibly display product prices on their shelves, ensuring transparency and avoiding situations where shoppers only discover prices after payment at the counter.
Mr. Tunji Bello, the Executive Vice Chairman and Chief Executive Officer of the FCCPC, stated that the Commission’s actions are consistent with its mandate under Sections 17(l) (s), 116 (2), 124, 125, 138, and 155 of the Federal Competition and Consumer Protection Act (FCCPA) 2018.