The Federal Competition and Consumer Protection Commission has told its operatives to intensify the monitoring of the formal and informal markets to break unnecessarily inflated prices of food items.

The commission made this known in a statement signed by the Acting Executive Vice Chairman,Dr Adamu Abdullahi, via their X handle (formerly Twitter).

The director said the commission is aware of the concerns expressed by Nigerians in the continued hike in food prices as against the recent appreciation of the naira against the dollar.

The statement partly reads, “The Commission has directed its operatives to intensify monitoring both formal and informal markets, where businesses may take advantage of market conditions to inflate prices and ramp up enforcement activities unfairly.

“The operatives will work collaboratively with trade associations, farmer groups, and other stakeholders to identify and remove unnecessary barriers to entry in various sectors, combat price-fixing, and dismantle cartels. This will encourage increased competition, ultimately leading to lower prices for consumers.

“The Commission remains committed to educating consumers about their rights and empowering them to make informed choices. We will engage in advocacy and public awareness campaigns to raise awareness about price gouging and other unfair trade practices and provide guidance on identifying and reporting such practices.”

It further stated that they recognize the importance of working alongside other government agencies to tackle this complex issue, and they will be collaborating with relevant regulatory bodies to develop a comprehensive and coordinated response to anti-competitive practices, price gouging, and other consumer protection issues.