The Federal Competition and Consumer Protection Commission (FCCPC) has refuted claims that it plans to regulate food and commodity prices in Nigeria. The commission clarified that its recent directives are focused on combating exploitative practices and maintaining market competition.
In a statement issued by Ondaje Ijagwu, the FCCPC’s Director of Special Duties and Strategic Communication, the commission responded to concerns from the Organised Private Sector and other stakeholders regarding its directive to address practices such as price gouging and price fixing.
The FCCPC emphasized that it does not control prices, which are determined by supply and demand in a competitive marketplace. “Price control is outside the scope of our responsibilities,” the statement read. “Any claims suggesting otherwise are unfounded.”
While acknowledging the impact of external factors like foreign exchange fluctuations and fuel subsidy removals on pricing, the FCCPC stressed that these factors do not justify unfair practices that exploit consumers.
The commission cited a recent issue in the cement industry as an example of exploitative behavior. Abdul Samad Rabiu, Chairman of BUA Cement, reported that despite his company’s efforts to sell cement at N3,500 per bag, dealers inflated prices to as high as N7,000 to N8,000 per bag. This situation, the FCCPC said, highlights the need for its intervention.
The FCCPC assured the business community that its actions aim to protect consumers from harmful practices, not to suppress private enterprise. The commission remains committed to ensuring market fairness, transparency, and accountability.