The Federal Competition and Consumer Protection Commission (FCCPC) has issued a clarification regarding its recent directive aimed at combating exploitative pricing practices, such as price gouging and price fixing.
This statement comes in response to widespread feedback and concerns regarding the directive’s impact amid Nigeria’s current economic challenges.
The Commission stressed that the directive, which has drawn significant public and business feedback, is not an attempt at price control or arbitrary price reduction but rather a measure to prevent market distortions and protect consumers.
In a statement issued on August 31, 2024, the FCCPC addressed the public’s concerns about the feasibility of the directive, particularly in the context of Nigeria’s economic challenges, including the removal of fuel subsidy and fluctuations in the foreign exchange market.
The Commission clarified that its focus is on addressing anticompetitive behaviours that violate the Federal Competition and Consumer Protection Act (FCCPA) of 2018.
“The directive issued by the FCCPC is not an attempt at price control or a mandate to crash prices arbitrarily,” the statement read.
“Our primary goal is to prevent businesses from engaging in exploitative conduct such as price gouging, price fixing, and the creation of barriers to market entry.”
The FCCPC acknowledged the complexities of the current macroeconomic environment and is working closely with stakeholders, including businesses, consumer groups, and political leaders.
“We understand your concerns regarding the feasibility of the directive given the current economic challenges,” the Commission noted.
“Our commitment is to uphold a marketplace rooted in fairness and accountability by enforcing the provisions of the FCCPA.”
The Commission encouraged businesses to comply with the law and urged consumers to report any instances of exploitative practices.
“We encourage businesses to comply with the law and consumers to report any instances of exploitative practices,” the statement added.
“We look forward to your continued support and understanding.”
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