The Federal Competition and Consumer Protection Commission (FCCPC) has retracted its earlier threat to intervene in market prices, stating that it will not regulate prices.
This comes after a statement attributed to FCCPC Executive Vice Chairman, Mr. Tunji Bello, sparked controversy by warning traders of “exploitative pricing” and threatening to take action if prices were not reduced within a month.
However, in a statement released on Tuesday, the FCCPC clarified its stance, emphasizing its commitment to enforcing laws that promote fair competition.
“While promoting competition is essential for economic health… it is equally important to enforce laws against practices that undermine fair competition,” said Ondaje Ijagwu, Director of Special Duties and Strategic Communication, in a press statement.
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The Commission assured that it will protect Nigerian consumers by tackling price fixing and other exploitative practices, while also respecting the dynamics of a free market.
“We encourage all businesses to engage in ethical and lawful practices that contribute to a fair and competitive marketplace,” the statement read.
FCCPC emphasized that its role is not to suppress private enterprise, but to ensure the market operates on principles of fairness, transparency, and accountability.
The Commission vowed to take decisive action against businesses that harm consumers, citing the cement sector as an example.
This development marks a significant shift in the FCCPC’s approach, from threatening to regulate prices to focusing on enforcing laws that promote fair competition.
The move is likely to be welcomed by market stakeholders, who had expressed concerns about the potential impact of price regulation on the economy.
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