Emmanuel OchayiThe Federal Competition and Consumer Protection Commission (FCCPC) is calling on Nigerians to report instances of unfair trade practices amidst growing concerns over escalating prices.
In a tweet, the commission emphasized its determination to take decisive action against businesses involved in price fixing.
“The rising cost of essential goods impacts consumers’ well-being and economic stability,” stated the FCCPC. “While we cannot directly control prices, we are committed to ensuring fair market practices and protecting consumer interests.”
The commission reiterated its stance against arbitrary price increases resulting from practices like price gouging and supply manipulation, citing Section 17(s) of the Federal Competition and Consumer Protection Act (FCCPA) 2018, which prohibits such acts.
Encouraging active citizen participation in reporting violations, the FCCPC emphasized the importance of collective responsibility in creating a marketplace where consumers are safeguarded, and businesses operate ethically within the confines of the law.
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In February 2024, Nigeria experienced a surge in headline inflation, reaching 31.70%, up from 29.90% in January 2024. This marked a significant rise of 1.80%. Compared to the same period in 2023, the annual inflation rate was 9.79% higher, standing at 21.91%.
Imported food inflation also rose to its highest level in February 2024, reaching 29.8%, indicating a 352 basis points increase from the previous month. This consistent rise has been attributed to both internal and external factors.
Externally, global supply chain disruptions caused by the COVID-19 pandemic and the Russia-Ukraine conflict, along with a spike in global oil prices, have contributed to the situation. Domestically, factors such as foreign exchange scarcity and the resulting depreciation of the local currency have also played a significant role.
Additionally, the exchange rate between the Naira and the Dollar at the official window rose by 7.7% on Friday, closing the week at N1,142/$1. This marked the highest closing rate in over 10 weeks, attributed to Central Bank of Nigeria (CBN) policies aimed at positively impacting the local currency.
The FCCPC’s call to action comes amidst mounting concerns over the disconnect between declining dollar rates and escalating prices, prompting citizens to voice their grievances on social media platforms like X (formerly Twitter).
Concerned Nigerians took to social media to express their frustration over the rising cost of goods despite the decline in dollar rates. One user lamented, “It’s baffling to see prices continue to rise despite the supposed improvement in dollar rates. Something needs to be done to protect consumers from unfair practices.”
Another user echoed similar sentiments, stating, “As consumers, we need assurance that measures are being taken to address the issue of escalating prices. The FCCPC’s intervention is crucial in ensuring fair market practices.”
In light of the economic challenges facing Nigeria, the FCCPC’s proactive approach in addressing unfair trade practices is essential for safeguarding consumer interests and maintaining a regulated marketplace. By encouraging citizen participation in reporting violations, the commission aims to create an environment where consumers are protected, and businesses operate ethically within the bounds of the law.
