The Federal Competition and Consumer Protection Commission (FCCPC) announced on Tuesday that it has no intention of regulating prices in the Nigerian market. In a statement released by FCCPC spokesman Ondaje Ijagwu, the commission clarified that its recent directives are focused on preventing exploitative practices and ensuring a fair marketplace, rather than controlling prices.
Thank you for reading this post, don't forget to subscribe!This clarification comes after concerns were raised by the Organized Private Sector and other stakeholders regarding the FCCPC’s recent directive aimed at preventing price gouging and price fixing. Ijagwu emphasized that the commission’s role is to ensure fair market practices and that price determination should be left to the forces of supply and demand.
“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,” the statement said. “We have never considered, nor will we ever consider, intervening in the market to regulate prices. Any claims to the contrary are baseless.”
The FCCPC noted that while factors like foreign exchange fluctuations and the removal of fuel subsidies have influenced market prices, they do not justify exploitative practices against consumers. The statement cited the cement industry as an example, highlighting that despite BUA Cement’s efforts to sell cement at a fair price of N3,500 per bag, dealers had inflated the prices to as high as N7,000 to N8,000 per bag.
“This situation exemplifies the kind of exploitative conduct that the FCCPC is committed to addressing,” the statement continued. The commission reassured the business community that its actions are intended to protect consumers from harmful practices, not to stifle private enterprise.
