The Federal Competition and Consumer Protection Commission (FCCPC) has initiated a bold step to protect consumers from paying exorbitant prices for goods.
The commission implemented a programme on Thursday to enforce price visibility at supermarkets in the Federal Capital Territory (FCT).
The price enforcement exercise kicked off at 4U Supermarket in Wuse 2, Abuja.
This action is a direct response to consumer worries over escalating prices of goods despite the drop in dollar exchange rate.
The commission reiterated the issue of price disparities and underlined the significance of consumers’ access to accurate pricing information.
The Pledge
This effort aligns with the commission’s pledge to protect consumers amidst the increasing costs of goods and services despite the recent appreciation of the Naira against the dollar.
The acting Executive Vice Chairman/Chief Executive of FCCPC, Dr. Adamu Abdullahi, emphasised that the current situation is deemed unacceptable.
He assured consumers of protection from exploitation.
Also, he acknowledged the concerns raised by Nigerians about the ongoing escalation in product and service prices.
Financial Strain
He said: “The FCCPC understands the significant financial strain these rising prices place on Nigerian households.
“As a result, the Commission is taking proactive steps to address this issue.
“The commission has directed its operatives to intensify monitoring of both formal and informal markets.
“Where businesses may be taking advantage of market conditions to unfairly inflate prices, and ramp up enforcement activities.
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“The operatives will work collaboratively with trade associations, farmer groups, and other stakeholders.
“They will identify and remove unnecessary barriers to entry in various sectors, combat price-fixing, and dismantle cartels.
“This will encourage increased competition, ultimately leading to lower prices for consumers”.
