Nigeria moves to address rising prices of retail goods

Nigeria's Federal Competition and Consumer Protection Commission (FCCPC) is intensifying its efforts to address the rising prices of retail goods across the country. Adamu Abdullahi, the acting Executive Vice Chairman and Chief Executive Officer of the FCCPC, revealed that the commission has embarked on a thorough assessment of the market to identify and tackle the factors contributing to price distortions. The commission's recent market surveys have uncovered multiple irregularities, including market associations forming cartels to manipulate prices. Abdullahi stressed the need to break these market distortions and ensure fair competition to lower the prices of essential goods. The FCCPC has also launched a price monitoring index in collaboration with the Bank of Industry to track price fluctuations in various markets nationwide. This initiative aims to identify the root causes of price increases and implement corrective measures to enhance affordability for consumers. The commission's enforcement activities have exposed deceptive practices in supermarkets, where products' prices at the counter often differ from the display prices. Abdullahi highlighted cases of expired products with tampered expiry dates being sold to consumers, emphasizing the importance of consumer rights education and advocacy. The FCCPC is committed to educating both consumers and businesses on their rights and responsibilities while collaborating with sector regulators and NGOs to enhance consumer protection and promote fair competition in the market. Despite facing enforcement constraints, the commission remains vigilant in monitoring market activities and taking necessary actions to address price irregularities effectively. Abdullahi's dedication to safeguarding consumer interests and ensuring market transparency reflects the FCCPC's ongoing efforts to uphold fair competition and protect consumer rights in Nigeria.