Consumer protection laws play a crucial role in protecting the consuming public from being exploited by service and commodity

providers in Nigeria. On the 29th of May 2023, the removal of petroleum subsidy was announced; and this immediately contributed towards reducing the purchasing power of the consumers of not just petroleum products, but of other goods and services in Nigeria. Nevertheless, while this may be difficult for the consuming public, it is not outlandish to posit that providers of these goods and services are presented with an exploitative opportunity in that, they arguably are able to capitalize on the current economic environment to arbitrarily increase and alter their prices as well as be inconsistent with the standard of goods and services. Consequently, the need to take on a more proactive counter-exploitative stand by the Nigerian Government cannot be over emphasized; this commentary seeks to propose this.

A Commentary on the Transition and Role of the FCCPC

The primary legislation for the governance of Consumer protection in Nigeria is the Federal Competition and Consumer Protection Act (FCCPA) of 2018. Importantly, the Act establishes the Federal Competition and Consumer Protection Commission (FCCPC) which is the regulatory body responsible for enforcing consumer protection laws, preventing unfair trade practices, and promoting fair competition in the market.

It is critical to note that in this subsidy removal transition period, a key concern for consumers is the potential price gouging and unfair pricing practices. Thus, considering one of the roles of the FCCPC is to ensure fair pricing and prevent exploitative practices, it is important for it to collaborate with other relevant agencies to actively monitor and enforce the application of regulations that require businesses to provide transparent pricing information and prevent price manipulation, protecting consumers from being subjected to unfair pricing practices.

Furthermore, beyond the pricing, consumer protection laws also cover the issue of quality and safety of goods and services. The FCCPC has the authority to establish and enforce standards for products, as well as carry out inspections and investigations to ensure compliance. This becomes particularly important in this subsidy removal transition period in that the market dynamics have been impacted and could potentially lead to the influx of substandard or counterfeit products by persons looking to unduly maximize profit and take advantage of unsuspecting consumers looking to reduce their cost of living. As a result, it is suggested that the FCCPC intensify its efforts to counteract such occurrence and prevent the same from being prevalent as this will ensure that consumers are protected from substandard or unsafe products at this time.

Finally, added to the above is the fact that the consumer protection laws in Nigeria also emphasize the importance of consumer education and awareness. While the FCCPC has been seen in recent times to further this cause, it appears there is more work to be done. Particularly, there is need to aggressively promote the intimation of the consuming public of their rights and means of enforcing the same via the redress mechanisms ensured for under the laws. Again, this will also require or force the FCCPC to be active in ensuring increased access to the dispute resolution mechanisms and procedures it has at its disposal.

Conclusion

Overall, consumer protection laws in Nigeria serve as a vital safeguard for citizens. And with policy shifts such as the removal of petroleum subsidies which has a wider impact on the consumer dynamics, there is a need for the Nigerian government to create a much-needed balance in fairness between the consumers of goods and services in Nigeria and the providers of the same. By enforcing fair pricing, ensuring product quality, creating access to redress mechanisms, and promoting consumer education, the FCCPC plays a pivotal role in this regard. Nevertheless, it is enjoined to play are more proactive role in safeguarding the rights and interests of consumers in this subsidy transition phase.