PRICE CONTROL ACT
Act · Trade
Policy date: 1977-01-01
An Act enables the Federal Government to control prices of essential goods and services to protect consumers. It targets manufacturers, retailers, and importers of these commodities, allowing price setting through official notices. This prevents profiteering and ensures affordability during supply shortages.
PRICE CONTROL ACT
What Is This Policy?
The principal legislation enabling the Federal Government to control prices of essential goods and services to protect consumers from exploitation, supplemented by the Price Control Decree 1977.
Who Does It Target?
Manufacturers and retailers of essential commodities Consumer protection agencies Importers of controlled goods All Nigerians purchasing essential goods
What Does It Aim to Achieve?
Protect Nigerian consumers from exploitative pricing of essential goods, prevent profiteering and hoarding, and maintain affordability of necessities during supply shocks.
Key Features
Price Setting Power: Government may set maximum retail prices for essential goods by gazette notice. Enforcement: Price control officers monitor compliance and prosecute violators. Anti-Speculation: Prohibits speculative hoarding of price-controlled goods. Essential Goods Focus: Typically applied to food, medicines, petroleum products, and utilities.
Current Status
Rollout Stage: Limited active application — most goods deregulated; powers available for emergency use Coverage: Designated essential commodities Beneficiaries: Consumers; low-income households Funding: Federal Government
How to Access
Traders: comply with gazette-published maximum prices on controlled goods Consumers: report violations to FCCPC or state consumer protection agencies Application method: Report price control violations to FCCPC at https://www.fccpc.gov.ng
Important Terms
The Act is rarely enforced in peacetime due to economic liberalisation policy Government retains the power to control prices during national emergencies Price gouging during declared emergencies may be prosecuted under this Act
Official Resources
Website: https://www.fccpc.gov.ng Contact: Federal Competition and Consumer Protection Commission (FCCPC)
Legal Framework
Enacted under the legislative powers of the National Assembly vested by Section 4 of the 1999 Constitution (as amended). The Price Control Act (Cap P17 LFN 2004) is the principal statute. Enforcement intersects with the Federal Competition and Consumer Protection Act 2019 and the Standards Organisation of Nigeria Act. The National Orientation Agency and relevant state ministries support compliance.