FCCPC Urges Nugerians To Report Unfair Trade Practices

Nigerian residents are urged to report instances of unfair commercial practices by the Federal Competition and Consumer Protection Commission (FCCPC), which has made it clear that it will take decisive action against companies that are shown to be involved in price fixing.

The commission reiterated its dedication to protecting consumer interests in a tweet on Sunday, April 14, 2024, in response to growing worries about prices rising in spite of declining dollar rates.

Nigerians on X (formerly Twitter) bemoaned the increased cost of items despite declining dollar rates, and this was a reaction to their complaints

“The FCCPC acknowledges that the rising cost of essential goods impacts consumers’ well-being and economic stability.

“While we recognise that the Commission cannot directly control prices, we are committed to safeguarding consumers’ interests and ensuring fair market practices, necessitating fair pricing. Arbitrary price increases stemming from untoward practices like price gouging and conspiracy to manipulate supply violate existing laws.

“The Commission will not hesitate to invoke Section 17(s) of the Federal Competition and Consumer Protection Act (FCCPA) 2018 against any perpetrator of such acts. This section prohibits obnoxious trade practices and unscrupulous exploitation of consumers”

The FCCPC reiterated its commitment to promoting fair competition, protecting consumer rights, and maintaining a regulated marketplace. Encouraging active participation from citizens in reporting violations, the commission emphasized collective responsibility in creating an environment where consumers are safeguarded, and businesses operate ethically within the bounds of the law