The Federal Government is determined to implement strict regulatory actions against traders who are unjustly raising prices of goods and commodities. The Federal Competition and Consumer Protection Commission (FCCPC), representing the government, has voiced concern over the persistently high costs faced by consumers despite the recent strengthening of the Naira against the dollar.

Adamu Abdullahi, the chief of the Commission, emphasized the government's commitment to shielding consumers from exploitation in a statement released on Wednesday. He termed the current situation unacceptable and highlighted the FCCPC's proactive stance in addressing the issue.

Although direct price regulation falls outside the FCCPC's purview, the Commission plans to leverage its existing legal framework to uphold fair competition and safeguard consumer rights. This entails vigilant monitoring of unusual price surges, investigating consumer grievances, and taking punitive action against businesses involved in anti-competitive behaviors such as price-fixing, price gouging, or cartel formation.

To achieve this goal, the Commission has instructed its operatives to intensify surveillance across both formal and informal markets where businesses might exploit market conditions to inflate prices unfairly. Additionally, enforcement efforts will be stepped up, with operatives collaborating closely with trade associations, farmer groups, and other stakeholders to identify and eliminate obstacles hindering market entry in various sectors. By tackling price-fixing and dismantling cartels, the FCCPC aims to foster increased competition, ultimately leading to lower prices for consumers.