The Federal Competition and Consumer Protection Commission (FCCPC) is actively collaborating with the Federal Ministry of Industry, Trade and Investment, other government agencies, consultants, and Civil Society Organizations (CSOs) to develop measures aimed at curbing the excessive prices of commodities in the markets.
In a statement issued by the Acting Executive Vice Chairman/Chief Executive Officer of FCCPC, Dr. Adamu Abdullahi, it was highlighted that a Fair Food Pricing Multi-stakeholders workshop was co-hosted by the Commission and Consumers International on July 18, 2023. The workshop aimed to gather information and evidence on anti-competitive activities such as price gouging, price fixing, and other cartel conduct leading to unfair food pricing.
Dr. Abdullahi emphasized the importance of empirical data as the basis for any enforcement exercise to address unfair prices in the food sector. The Commission is encouraging the public and anyone with useful information in the food chain industry to report possible illegal, exclusionary, or restrictive practices contributing to unfair food prices through its designated portal.
The FCCPC’s priority remains addressing key consumer protection and competition issues in the food chain sector. Dr. Abdullahi noted that participants in the food chain and distribution sector, including at the retail level, have been engaging in conspiracy, price gouging, hoarding, and other unfair tactics to restrict the supply of food and manipulate and inflate prices. Such conduct violates both moral and legal codes.
The statement warned businesses engaging in activities contributing to price gouging in the food chain sector to desist or face the full force of the law. The Commission will not tolerate actions compromising the integrity of the food chain sector, and legal consequences will be swift and severe.
Dr. Abdullahi clarified that while the FCCPC is not mandated to regulate prices, it may, in rare situations and based on empirical evidence, advise the President to fix the prices of certain goods and services. The Commission is committed to engaging with stakeholders and taking progressive measures to contain price gouging throughout the food distribution chain.
