In a bid to combat rising food prices and ensure fair market practices, the Federal Government launched surprise enforcement raids at multiple supermarkets and markets in the Federal Capital Territory. The aim is to enforce price display and quantity regulations, with a focus on reducing the cost of food commodities nationwide.
Dr. Adamu Abdullahi, the Executive Secretary of The Federal Competition and Consumer Protection Commission (FCCPC), led the enforcement exercise to crack down on grocery store price gouging and illegal pricing schemes. The FCCPC sealed 4U Supermarket and confiscated 33 bags of fake stallion and caprice rice filled with weevils from one of its branches located at 58 Adetokunbo Ademola Crescent, Wuse II.
The government also announced plans to conduct unannounced inspections at super and open markets in Lagos, Port Harcourt, Kaduna, and Ibadan in the coming weeks to investigate abnormal price surges. Any companies found engaging in unfair market practices like price manipulation, excessive pricing, or cartel formation will face firm measures.
These enforcement actions come in response to concerns raised by consumers about the skyrocketing costs of goods, contributing to Nigeria’s headline inflation rate of 33.2 percent, with food inflation reaching an unprecedented 40 percent in March 2024. The sharp increase in food prices was exacerbated by the significant fall of the naira against the dollar in January and February, leading to soaring prices of essential goods and services.
Despite the government’s efforts to strengthen the naira and reduce production costs, inflation remains a pressing issue. The Presidency has vowed to continue its campaign against racketeers, ensuring that local prices reflect the rising value of the naira. The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, emphasized the need for consumer protection agencies to step up enforcement and prevent enterprises from shortchanging consumers.
In response to the crackdown, the FCCPC boss reiterated the commission’s commitment to protecting consumers and ensuring market transparency. Plans are underway to introduce a price tracker to prevent consumer exploitation by major supermarkets in the country.
The government’s actions signal a concerted effort to tackle inflation and restore confidence in the market, with a focus on promoting fair pricing and consumer protection.
