Report traders purposely increasing prices of commodities – FG to Nigerians

The Federal Competition and Consumer Protection Commission (FCCPC) has urged Nigerians to report any cases of unjustified pricing increases by firms and traders.

Allnews.ng gathered that the Commission made the demand in a statement posted on its official X (previously Twitter) account on Sunday, amid growing worries over the impact of rising prices on consumer welfare and economic stability.

The FCCPC emphasised that, while it lacks direct price control authority, it is dedicated to upholding fair market practices and protecting consumers from unethical corporate techniques such as price gouging or supply conspiracies.

“Arbitrary price increases stemming from untoward practices like price gouging and conspiracy to manipulate supply violate existing laws,” the commission stated.

Further detailing their readiness to combat these violations, the FCCPC declared, “The commission will not hesitate to invoke Section 17(s) of the Federal Competition and Consumer Protection Act (FCCPA) 2018 against any perpetrator of such acts.”

This part of the legislation expressly forbids unpleasant trade activities and the exploitation of customers.

In addition to the warning, the FCCPC urged Nigerians to be watchful and proactive in reporting any unfair trade practices they encountered.

“Consumers are urged to provide comprehensive details for any report, including the nature of the conduct, location of the perpetrators, and other relevant information that could aid in investigations, through the commission’s contact email: [email protected],” the statement continued. 

See the post on X below: 

The FCCPC acknowledges that the rising cost of essential goods impacts consumers' well-being and economic stability. While we recognise that the Commission cannot directly control prices, we are committed to safeguarding consumers' interests and ensuring fair market practices,… https://t.co/7ZKkGvUIa3

— FCCPC Nigeria (@fccpcnigeria) April 14, 2024