The Federal Competition and Consumer Protection Commission (FCCPC) has announced plans to engage with market leaders across the country to address exploitative pricing practices in the consumer goods sector. According to Tunji Bello, Executive Vice-Chairman and CEO of FCCPC, the commission’s efforts align with President Bola Tinubu’s “Renewed Hope” agenda, which prioritizes consumer protection.
Bello noted that price fixing by market associations in the retail segment has led to disproportionate pricing, particularly for imported products, and excessive pricing for locally produced goods. To combat this, the FCCPC will collaborate with market leaders to establish fair pricing standards, preventing excessive profiteering that burdens consumers during economic challenges.
The commission aims to foster a transparent market culture, ensuring traders’ margins are respected while protecting buyers from exploitation. Additionally, FCCPC has mandated supermarkets to clearly display product prices, promoting transparency and preventing price surprises at checkout.
This initiative builds on the commission’s earlier commitment to monitor and investigate price hikes, collaborate with regulatory bodies, and develop a comprehensive response to anti-competitive practices and consumer protection issues.
