17th April 2024, NewsOrient
News, Business And Economy

Following outcry of suffering Nigerians over soaring cost of food items and other essential commodities, the Federal Government has vowed to “take action,” to protect vulnerable consumers in the country.

The government, which has been widely criticised over the hunger in the land and the attendant suffering said it will soon move against traders it accused of “unfairly inflating prices of goods and commodities.”

The latest government position was made known through its agency, the Federal Competition and Consumer Protection Commission (FCCPC).

A statement on Wednesday, attributed to the “Commission’s Chief, Adamu Abdullahi in a report in Channels Television was quoted as expressing worry that “despite the recent appreciation of the Naira against the dollar, consumers continue to face escalating costs without a corresponding decrease in prices of goods and commodities.”

He said: “This situation is unacceptable, and the FCCPC is committed to protecting consumers from exploitation.”

“The FCCPC understands the significant financial strain these rising prices are placing on Nigerian households. As a result, the Commission is taking proactive steps to address this issue.

“While the FCCPC cannot directly regulate prices, the Commission will utilise its existing legal framework to enforce fair competition and consumer protection provisions.

“This includes monitoring and investigating unusual price hikes, addressing complaints filed by consumers, and taking action against any businesses found to be engaging in anti-competitive practices such as price-fixing, price gouging or cartel formation.”

Photo Credit: BusinessDay NG

~ NewsOrient