The Federal Competition and Consumer Protection Commission (FCCPC) has issued a warning to market associations and businesses engaging in exploitative pricing, giving them an ultimatum to adjust their prices or face enforcement action.
Executive Vice-Chairman of the FCCPC, Tunji Bello, made the announcement at a stakeholders’ engagement in Abuja, citing the growing trend of unreasonable pricing of consumer goods and services as a critical national issue.
Bello stated that the commission has conducted market surveys across the country and found disturbing evidence of price fixing, price gouging, and other anti-consumer practices. He emphasized that the FCCPC will not tolerate these practices, particularly in the retail segment, where market associations have been identified as perpetrating price fixing.
The commission recognizes the impact of the exchange rate on production costs but notes that the margin in pricing goods and services is unreasonable and excessive in many cases. With the inflation rate at 33.40% and food inflation over 40%, the FCCPC warns that it will invoke the full weight of the law against those found culpable of exploiting consumers.
However, Bello emphasized that the commission’s approach is not punitive or adversarial, and it seeks dialogue and collaboration to foster a fair marketplace. The FCCPC will begin enforcement action after the expiration of the notice.
