The Federal Competition and Consumer Protection Commission has dismissed claims that it plans to regulate the prices of food items and other commodities in the Nigerian market.
It clarified that its recent directives are solely aimed at curbing exploitative practices and maintaining a competitive marketplace in a statement by its Director, Special Duties and Strategic Communication, Ondaje Ijagwu, on Tuesday.
The statement came in response to feedback from the Organised Private Sector and other stakeholders who expressed concerns over the commission’s recent directive to businesses to halt practices such as price gouging and price fixing.
The commission stressed that its role is not to control prices but to ensure that the market operates fairly.
“We categorically assert that prices in a competitive marketplace are determined solely by the forces of supply and demand. Price control is entirely outside the scope of our responsibilities.
“We have never considered, nor will we ever consider, intervening in the market to regulate prices. Any claims to the contrary are baseless. These factors certainly impact pricing, but they do not excuse or justify exploitative practices that are anti-consumer,” the statement added.
“Abdul Samad Rabiu, Chairman of BUA Cement, disclosed that despite efforts by his company to sell cement at a fair price of N3,500 per bag, dealers inflated prices to as much as N7,000 to N8,000 per bag. This situation exemplifies the kind of exploitative conduct that the FCCPC is committed to addressing.
“The FCCPC does not seek to suppress private enterprise; our role is to ensure that the market operates on principles of fairness, transparency, and accountability”.
To allow businesses time to adjust their practices, the FCCPC has granted a one-month moratorium before enforcement begins.
The statement further indicated that “We have granted a one-month moratorium before enforcement begins, providing businesses with the necessary time to adjust their practices and ensure full compliance with laws aimed at protecting consumers and fostering fair competition. We will continue to monitor the marketplace and take action against any business practices that violate the law”.
