The Federal Competitors and Shopper Safety Fee (FCCPC) has ordered its officers to observe and implement honest pricing practices each in formal and casual markets in Nigeria amid the rising price of dwelling.
That is contained in an announcement from its Appearing Chief Government Officer, Dr. Adamu Abdullahi, on Wednesday, April 17.
FCCPC argued that regardless of the latest appreciation of the Naira in opposition to the greenback, shoppers proceed to face escalating prices with out a corresponding lower in costs, including that such a state of affairs will not be acceptable
The fee due to this fact mentioned that its brokers will enhance surveillance of all market sectors, together with formal and casual settings the place there may be potential for companies to take advantage of market situations by unjustly elevating costs, and to boost enforcement measures.
In accordance with Abdullahi, the brokers will collaborate with commerce associations, farmer teams, and different related stakeholders to establish and remove unwarranted entry limitations throughout totally different sectors, combat price-fixing, and break up cartels.
“Regardless of the latest appreciation of the Naira in opposition to the greenback, shoppers proceed to face escalating prices with out a corresponding lower in costs.
- “This example is unacceptable, and the FCCPC is dedicated to defending shoppers from exploitation.
- “Whereas the FCCPC can’t straight regulate costs, the Fee will utilise its present authorized framework to implement honest competitors and shopper safety provisions.
- “The Fee has directed its operatives to accentuate monitoring of each formal and casual markets, the place companies could also be benefiting from market situations to unfairly inflate costs, and ramp up enforcement actions.
- “The operatives will probably be working collaboratively with commerce associations, farmer teams, and different stakeholders to establish and take away pointless limitations to entry in numerous sectors, fight price-fixing, and dismantle cartels. This may encourage elevated competitors, in the end resulting in decrease costs for shoppers,” Abdullahi mentioned.
Really useful studying: Naira strengthens, however costs keep cussed
Backstory
In an earlier assertion by FCCPC, reported by Nairametrics, the fee had urged Nigerians to report unfair commerce practices to them.
- This was in response to residents’ complaints that regardless of the appreciation of Naira in opposition to the Greenback, shoppers proceed to pay excessive costs for items and providers out there.
- Whereas the Greenback has fallen considerably in opposition to the Naira each within the official and parallel market, headline inflation and meals Inflation proceed to rise, as per latest information from the Nationwide Bureau of Statistics.
- The latest information from NBS revealed that meals rose to 40.01% year-on-year as of March 2024, marking a rise of 15.56 proportion factors from 24.45% in March 2023.
- This surge in meals inflation will be attributed to rising costs for gadgets resembling garri, millet, and akpu raw fermented (all a part of the bread and cereals class), in addition to yam tuber, water yam, and others.
