The Federal Competitors and Shopper Safety Fee (FCCPC) on Wednesday mentioned it’s conscious of the issues expressed by Nigerians concerning the continued rise in costs of products and companies.
The fee in a press release signed by its appearing Government Vice-Chairperson/Chief Government Officer, Adamu Abdullahi, mentioned regardless of the latest appreciation of the Naira towards the greenback, shoppers proceed to face escalating prices and not using a corresponding lower in costs.
Mr Abdullahi defined that the state of affairs is unacceptable whereas noting that the fee is dedicated to defending shoppers from exploitation.
He mentioned the fee understands the numerous monetary pressure these rising costs are putting on Nigerian households.
Consequently, he mentioned, the fee is taking proactive steps to deal with this challenge.
“Whereas the FCCPC can’t instantly regulate costs, the fee will utilise its current authorized framework to implement truthful competitors and shopper safety provisions.
“This contains monitoring and investigating uncommon value hikes, addressing complaints filed by shoppers, and taking motion towards any companies discovered to be participating in anti-competitive practices equivalent to price-fixing, value gouging or cartel formation.
“The fee has directed its operatives to accentuate monitoring of each formal and casual markets, the place companies could also be profiting from market circumstances to unfairly inflate costs, and ramp up enforcement actions,” he mentioned.
He added that the operatives might be working collaboratively with commerce associations, farmer teams, and different stakeholders to determine and take away pointless boundaries to entry in numerous sectors, fight price-fixing, and dismantle cartels.
This, he mentioned, will encourage elevated competitors, finally resulting in decrease costs for shoppers.
“The fee stays dedicated to educating shoppers about their rights and empowering them to make knowledgeable decisions. We are going to have interaction in advocacy and public consciousness campaigns to boost consciousness about value gouging and different unfair commerce practices and supply steering on easy methods to determine and report such practices.
“The FCCPC recognises the significance of working alongside different authorities companies to deal with this complicated challenge. We are going to collaborate with related regulatory our bodies to develop a complete and coordinated response to anti-competitive practices, value gouging, and different shopper safety points.
“The FCCPC is dedicated to making sure a good and aggressive market for all Nigerians. We encourage shoppers to proceed reporting suspected value gouging and different unfair commerce practices. Collectively, we are able to work in direction of a extra steady, truthful, and aggressive market for all Nigerians,” he mentioned.
TEXT AD: Name Willie – +2348098788999
