The recent directive by the Federal Competition and Consumer Protection Commission (FCCPC) to traders and market stakeholders on exploitative pricing is a commendable step towards protecting consumers from unreasonable price hikes; however, it should go beyond that.
Development Diaries reports that the FCCPC gave a month’s notice to traders and other market stakeholders involved in exploitative pricing to crash the prices of goods.
According to findings by the FCCPC, the margin in the prices of imported goods is very disproportionate in many cases; and in the case of locally produced goods, excessively inflated.
While we commend the FCCPC for prioritising customers’ welfare in line with the provisions of the FFCP Act 2018, it is crucial that the FCCPC follows up this directive with decisive enforcement actions once the notice period expires.
This will send a strong message to businesses that the era of unregulated and exploitative pricing is over, ensuring that consumers are not subjected to unfair practices.
Actions should follow, especially because Nigerians are eagerly waiting to see the outcome of this decision on the prices of commodities.
Recall that the commission had in April vowed to enforce strict regulations against traders who ‘unfairly inflate prices’ for goods and services. We are yet to see the outcome of this vow.
It is also important for the FCCPC to maintain transparency and consistency in their enforcement efforts, making examples of those who flout the directive.
The role of citizens in aiding this process must be mentioned also. Citizens play a vital role in this process by remaining vigilant and reporting any instances of exploitative pricing to the FCCPC.
Nigerians need to be aware of their consumer rights. It has been established that a consumer has a fundamental right to be protected from unfair and abusive business practices of manufacturers and merchants, in line with the Consumer Protection Rights Act.
With this knowledge, citizens can also help the commission to ensure that consumer rights are upheld and that businesses operate within the bounds of fairness and legality.
Development Diaries reiterates its call to the commission to back up its directive with action, and also to establish clear channels for reporting, investigating, and penalising violators.
This will deter business operators from engaging in unwholesome practices and also restore consumer confidence in the market.
Photo source: International Institute of Tropical Agriculture
