The Federal Government has said it is committed to reducing prices of foodstuffs in the Nigerian market.
The disclosure was made in a statement by the Federal Competition and Consumer Protection Commission (FCCPC) on Tuesday.
In the statement, Ondaje Ijagwu, the Director, Special Duties and Strategic Communication of FCCPC, clarified the recent directives by the commission.
The government agency dismissed claims of planning to regulate prices but said it aims to curb exploitative practices and maintain a competitive marketplace.
The FCCPC stressed that its role is to ensure fair competition, not 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.
“We have never considered, nor will we ever consider, intervening in the market to regulate prices. Any claims to the contrary are baseless,” it said.
The commission acknowledged external factors impacting pricing but said that these do not justify unfair practices exploiting consumers.
Ijagwu highlighted a recent example in the cement industry where dealers inflated prices despite efforts to sell at a fair price.
“Abdul Samad Rabiu, Chairman of BUA Cement, disclosed that despite efforts by his company to sell cement at a fair price of N3,500 per bag, dealers inflated prices to as much as N7,000 to N8,000 per bag.
“This situation exemplifies the kind of exploitative conduct that the FCCPC is committed to addressing,” he noted.
The FCCPC reassured businesses that its actions aim to protect consumers, not suppress private enterprise.
“We will continue to monitor the marketplace and take action against any business practices that violate the law.
“Consumers and businesses alike can trust that we will remain vigilant in upholding the principles of fair competition and consumer protection.”
It further added, “We have granted a one-month moratorium before enforcement begins, providing businesses with the necessary time to adjust their practices and ensure full compliance with laws aimed at protecting consumers and fostering fair competition.”
