The Federal Government has announced it will take bold steps to address the rising cost of goods and services, despite the recent appreciation of the Naira against the dollar.

The Federal Competition and Consumer Protection Commission (FCCPC) said in a statement it is committed to protecting consumers from exploitation.

The FCCPC acknowledged Nigerians’ concerns about the continued increase in prices despite the stronger Naira. The Commission will utilize its existing legal framework to enforce fair competition and consumer protection provisions. This includes monitoring price hikes, addressing consumer complaints, and taking action against businesses found to be engaging in anti-competitive practices.

“The FCCPC understands the significant financial strain these rising prices are placing on Nigerian households,” the statement said. “The Commission has directed its operatives to intensify monitoring of markets and ramp up enforcement activities.”

The FCCPC plans to work with trade associations and other stakeholders to identify and remove barriers to entry in various sectors, combat price-fixing, and dismantle cartels. This will encourage increased competition, ultimately leading to lower prices for consumers.

The Commission also plans to educate consumers about their rights and empower them to make informed choices. Public awareness campaigns will raise awareness about price gouging and other unfair trade practices and provide guidance on how to identify and report such practices.

“The FCCPC recognises the importance of working alongside other government agencies to tackle this complex issue,” the statement said. “We will collaborate with relevant regulatory bodies to develop a comprehensive and coordinated response to anti-competitive practices, price gouging, and other consumer protection issues.”

The FCCPC is committed to ensuring a fair and competitive marketplace for all Nigerians. They encourage consumers to continue reporting suspected price gouging and other unfair trade practices.