FCCPC to tackle consumer goods pricing with market leaders

By Busola Bamidele

The Federal Competition and Consumer Protection Commission (FCCPC) is set to engage with market leaders and stakeholders nationwide to tackle exploitative pricing practices affecting consumers.

This move follows Sections 17(l) (s), 116 (2), 124, 125, 138, and 155 of the Federal Competition and Consumer Protection Act (FCCPA) 2018.

In a press release on Monday via their official X handle, Mr. Tunji Bello, Executive Vice Chairman of FCCPC highlighted that despite the exchange rate’s impact on the Naira’s value, many products are being sold at excessively high prices.

This includes both imported and locally produced goods. The Commission has identified that some market associations are involved in price fixing, which harms consumers.

Read also:

• 
  U.S. to scale up trade and investment in Africa, unveils new strategy for 2025
• 
  Apply now: Get faster citizenship, business permits with FG’s new digital platform
• 
  Apply now: Get up to ₦500,000 in non-repayable grant for your business

The FCCPC aims to work with market leaders to establish fair pricing and reduce unfair profiteering. This effort supports President Bola Tinubu’s renewed hope agenda, focusing on creating a transparent and equitable market.

Additionally, supermarkets are now required to clearly display product prices to ensure consumers know the costs before making a purchase. This step is part of a broader initiative to enhance transparency and safeguard consumer interests.