In a bid to enforce price transparency and combat inflated costs of essential commodities, the Federal Competition and Consumer Protection Commission (FCCPC) conducted a surprise enforcement raid at two supermarkets in Abuja, the Federal Capital Territory.
Dr. Adamu Abdullahi, the Executive Secretary of the Commission, emphasized the necessity of the operation, aimed at curbing the surge in food prices across the country. He announced plans to extend similar inspections to major cities including Lagos, Port Harcourt, Ibadan, Kano, and Kaduna in the coming weeks.
Abdullahi stressed that the ongoing inspections are part of broader measures to address the persistent price surges that have not corresponded with the recent appreciation of the naira. The FCCPC intends to carry out unannounced visits to stores and open markets nationwide to ensure compliance with price display and quantity regulations.
During the operation in Abuja, the FCCPC took decisive action by sealing a supermarket and confiscating 33 bags of suspected counterfeit rice infested with weevils. The commission’s proactive stance reflects its commitment to safeguarding consumers from fraudulent practices and ensuring fair pricing.
In response to escalating concerns from consumers about the rising costs of goods, the FCCPC has intensified monitoring efforts in both formal and informal markets. This initiative aligns with the commission’s mandate to identify and penalize businesses engaged in unjustifiable price hikes.
Food inflation remains a pressing issue, contributing to Nigeria’s headline inflation rate of 33.2 percent and a record-high food inflation rate of 40 percent in March 2024. The depreciation of the naira earlier in the year exacerbated the situation, resulting in soaring prices of essential goods and services.
Despite assurances from the Presidency to combat racketeering and stabilize the currency, a significant reduction in the prices of essential commodities has yet to materialize. The FCCPC’s proactive measures underscore the government’s commitment to protecting consumers and promoting economic stability.
In a statement on Thursday, the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, disclosed that President Bola Tinubu had directed consumer protection agencies to ensure that the local prices reflect the rising value of the naira.
“But there is still much work to be done and this is not a time for celebration. It is a time for doubling down and working harder to ensure that inflation is sustainably brought down in short order.
“Consumer protecting regulatory agencies must step up enforcement to ensure that our people are not short-changed by enterprises that fail to reflect the prevailing exchange rates on the pricing of goods and services across the board.
“As our private and publicly-owned refineries resume operations between now and the first quarter of 2025, the nation’s cash position will dramatically improve to the extent that Nigerians can rightly expect a stronger Naira and a fair reflection of its strength in the prices of commodities in the market place,” said Ngelale.
