In a sweeping move to combat price gouging and unfair market practices, the Federal Government executed surprise enforcement raids across multiple supermarkets and markets in the Federal Capital Territory. The initiative aims to enforce price display and quantity regulations, targeting a reduction in food commodity costs nationwide. Dr. Adamu Abdullahi, the Executive Secretary of The Federal Competition and Consumer Protection Commission (FCCPC), affirmed the agency’s commitment during an enforcement exercise to eliminate grocery store price gouging and illegal pricing schemes.
During the operation, FCCPC sealed 4U Supermarket and confiscated 33 bags of fake stallion and caprice rice infested with weevils. This crackdown follows earlier orders to intensify monitoring and inspections in Lagos, Port Harcourt, Kaduna, and Ibadan, with a focus on addressing abnormal price surges and unfair market practices like price manipulation and cartel formation.
The crackdown comes amidst concerns raised by consumers regarding the rising costs of goods, which have contributed to Nigeria’s headline inflation reaching 33.2%, with food inflation hitting an alarming 40% in March 2024. This surge in prices was exacerbated by the devaluation of the naira against the dollar earlier in the year.
Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, emphasized the government’s commitment to ensuring fair pricing that reflects the strengthening naira. Ngelale acknowledged ongoing challenges but expressed optimism about forthcoming improvements as reforms progress.
Responding to these actions, FCCPC plans to impose necessary sanctions on businesses found culpable after thorough investigations. The agency also intends to introduce a price tracker to monitor commodity prices nationwide and curb arbitrary price increases by major supermarkets and traders. These efforts align with the Federal Competition and Consumer Protection Act, which stipulates fines up to N50 million or 10% of annual turnover for violators.
In an interview, Yunusa Yusuf, General Manager of the sealed supermarket, pledged compliance with FCCPC regulations to avoid future violations and promised to cooperate in exposing suppliers of fake products.
The FCCPC’s rigorous enforcement and monitoring strategies signal a determined effort by the government to protect consumers’ rights and ensure fair market practices in Nigeria.
