The Federal Competition and Consumer Protection Commission (FCCPC) has officially denied any intention to regulate prices in Nigeria’s marketplace, emphasizing that its recent directives were focused on combating exploitative practices rather than controlling prices.
In a statement issued on Tuesday by Ondaje Ijagwu, Director of Special Duties and Strategic Communication, the FCCPC responded to concerns raised by the Organised Private Sector and other stakeholders about the commission’s recent directives aimed at curbing price gouging and fixing.
The FCCPC clarified that its role is to ensure a fair and competitive market, not to control prices. “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 read.
The commission also addressed the impact of external factors such as foreign exchange fluctuations and the removal of fuel subsidies on pricing, stressing that while these factors do affect prices, they do not justify exploitative practices. “These factors certainly impact pricing, but they do not excuse or justify exploitative practices that are anti-consumer,” the statement added.
The FCCPC’s clarification aims to reassure businesses and consumers that the commission’s focus remains on ensuring a fair marketplace, free from practices that could harm consumers.
