WATCH THE VIDEO HERE The Federal Competition and Consumer Protection Commission (FCCPC) has launched a nationwide initiative to tackle unfair pricing of consumer goods, particularly in the retail segment of the distribution chain. The move comes as consumers continue to bear the brunt of rising prices amidst economic challenges. According to the FCCPC, some market associations have been engaging in price fixing, leading to excessive and disproportionate prices for both imported and locally produced products. To address this, the Commission will be engaging market leaders and other stakeholders in the supply and distribution chain to reach an understanding on reasonable pricing. The FCCPC believes that this collaboration will help foster a better market culture that balances traders’ margins with consumer protection. The initiative is in line with President Bola Tinubu’s renewed hope agenda, which prioritizes consumer welfare. In addition, the Commission has directed supermarket operators to display prices visibly to ensure transparency and prevent ambush pricing. This move aims to empower consumers and prevent exploitation. The FCCPC’s Executive Vice Chairman/Chief Executive Officer, Mr. Tunji Bello, emphasized the Commission’s commitment to protecting Nigerian consumers and promoting fair market practices.
FCCPC cracks down on exploitative pricing, engages market leaders to protect consumers
