FCCPC to enforce fair competition for price reduction

Though it does not have the power to regulate prices, the Federal Competition and Consumer Protection Commission will deploy an existing legal framework to enforce fair competition and consumer protection provisions to achieve fair prices of commodities.

“This includes monitoring and investigating unusual price hikes, addressing complaints filed by consumers, and taking action against any businesses found to be engaging in anti-competitive practices such as price-fixing, price gouging or cartel formation,” it said. FCCPC said this step would encourage increased competition, ultimately leading to lower prices for consumers. It reiterated its commitment to educating consumers on their rights and empowering them to make informed choices.

It added: “The FCCPC understands the significant financial strain these rising prices are placing on Nigerian households. As a result, the Commission is taking proactive steps to address this issue.”Before flagging, please keep in mind that Disqus does not moderate communities. Your username will be shown to the moderator, so you should only flag this comment for one of the reasons listed above.

The International Agro Original Equipment Manufacturers has called for the exemption of all agriculture equipment from all forms of taxes, import duties, Value Added Tax and other levies for at least two years to enable Nigeria to become self-sufficient in food production. Some 12,948 startups have so far been registered through the Nigeria Startup Act. The National Information Technology Development Agency , which disclosed this, said they were registered for labeling.

Fair Competition Price Reduction

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