Nigeria’s consumer protection agency speaks on sky-high prices

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“Despite the recent appreciation of the Naira against the dollar, consumers continue to face escalating costs without a corresponding decrease in prices,” Mr Abdullahi said.

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He said the commission understands the significant financial strain these rising prices are placing on Nigerian households.“While the FCCPC cannot directly regulate prices, the commission will utilise its existing legal framework to enforce fair competition and consumer protection provisions., 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.

This, he said, will encourage increased competition, ultimately leading to lower prices for consumers.

 

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