FCCPC Gives Traders One Month to Lower Prices or Face Penalties

In a decisive move to curb exploitative pricing practices, the Federal Competition and Consumer Protection Commission (FCCPC) has issued a one-month ultimatum to traders and market stakeholders involved in price fixing and other anti-consumer activities. This directive was announced by the FCCPC’s Executive Vice-Chairman, Tunji Bello, during a one-day stakeholders’ engagement on exploitative pricing held in Abuja.

The engagement aimed to address the growing trend of unreasonable pricing of consumer goods and services, which has become a significant concern nationwide. Bello emphasized that the commission has conducted extensive market surveys across the country, revealing disturbing trends of price gouging, particularly in the retail sector.

“We cannot allow this unhealthy trend to continue,” Bello stated, noting that the margin in pricing goods and services has become excessive. He highlighted that both imported and locally produced goods have seen disproportionate and inflated prices, which is unacceptable given the current economic challenges.

Bello warned that the FCCPC is prepared to enforce the full weight of the law against those who fail to comply with the directive after the one-month notice. He clarified that price gouging and price fixing are illegal under the Federal Competition and Consumer Protection Act (FCCPA), and the commission will not hesitate to act against defaulters.

However, Bello also stressed that the FCCPC’s approach is not solely punitive. The commission seeks to foster a fair marketplace through dialogue and collaboration with market stakeholders, encouraging them to adopt fair pricing practices that benefit businesses and consumers.

This action comes as Nigeria grapples with high inflation rates, recently reported by the National Bureau of Statistics (NBS) to be at 33.40%, with food inflation exceeding 40%. The inflationary pressures have intensified since the removal of fuel subsidies in May 2023.

The FCCPC’s notice is critical to protecting consumers from exploitative pricing and ensuring a fair and competitive marketplace.

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