The Federal Competition and Consumer Protection Commission (FCCPC) has clarified that it does not intend to regulate the prices of food products and other goods in Nigeria.
This statement comes in response to concerns from the Organised Private Sector and other stakeholders over the FCCPC’s recent directives against price gouging and price fixing.
The commission emphasized that its role is not to control prices but to ensure fair market practices.
It stated that prices in a competitive market should be determined by supply and demand, and that the FCCPC’s focus is on preventing exploitative behaviors that harm consumers.
The FCCPC also highlighted the influence of external factors, such as foreign exchange fluctuations and the removal of fuel subsidies, on pricing, but stressed that these do not justify exploitative practices.
An example from the cement sector was cited, where BUA Cement’s fair pricing efforts were undermined by dealers inflating prices significantly.
To allow businesses to comply with fair competition laws, the FCCPC has granted a one-month moratorium before enforcement begins.
The commission reaffirmed its commitment to protecting consumer interests and ensuring that the market operates on principles of fairness and transparency.