The Federal Federal Competition and Consumer Protection Commission (FCCPC) has embarked on sensitisation in different markets in the Federal Capital Territory as part of efforts to tackle pricing fixing cartels and harmful products in Nigerian markets.
The Executive Vice Chairman of FCCPC, Tunji Bello at a sensitisation tour of major markets in the FCT said, ‘Markets are the heartbeat of our economy. This is where everyday Nigerians hustle, trade, provide for their families, and contribute to national economic growth.
This engagement is part of the FCCPC’s ongoing national drive to directly connect with those who make Nigeria’s markets work: the traders, producers, buyers, and sellers who power our economy.
‘Today, old, expired, substandard, or unsafe goods are repackaged and falsely presented as fresh, genuine, or popular brands. This practice constitutes fraud, and is widespread in the sale of staples like rice and other fast-moving consumer goods. It deceives consumers and exposes them to serious health risks while undermining honest traders who play by the rules. ‘Another concern is the practice of price fixing by market associations or trader groups. In this case, prices are not determined by competition or actual cost but are instead arbitrarily agreed upon and artificially inflated through collusion.
‘This manipulation is especially common during festive periods or in times of scarcity, and it distorts the market to the detriment of consumers. Such conduct directly contravenes the Federal Competition and Consumer Protection Act (FCCPA) 2018, which prohibit agreements that restrain competition and promote unfair trade practices,’ he explained.
He added that the engagement was necessary, adding that by tackling unfair trade practices, promoting transparent market conduct, and safeguarding consumer rights, the FCCPC is reinforcing the government’s commitment to restoring trust in public institutions, stimulating enterprise, and ensuring that the benefits of economic growth reach ordinary Nigerians.
In his response, Chairman of Kwali Market, Sani Ibrahim, noted that the visit was crucial as it builds mutual trust and provide traders with necessary knowledge on their day to day trade in line with laid down rules and regulations
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