By Akinsuroju Olubunmi
FG cracks down on Supermarket prices, plans nationwide visits.
The Federal Competition and Consumer Protection Commission (FCCPC) conducted surprise raids at two supermarkets in Abuja, enforcing regulations on price display and quantity accuracy. This move, aimed at curbing exorbitant food prices nationwide, will extend to major cities like Lagos, Port Harcourt, Ibadan, Kano, and Kaduna in the coming weeks.
Dr. Adamu Abdullahi, the Executive Secretary of the Commission, revealed plans for unannounced inspections at stores and open markets across various states to tackle abnormal price surges despite the naira’s recent appreciation.
During the operation in Abuja, 4U Supermarket was sealed, and 33 bags of suspected fake rice were confiscated. This action follows consumer complaints about rising costs of goods amidst a stronger naira.
The FCCPC also intensified monitoring of markets to identify businesses inflating prices, responding directly to concerns raised by consumers. Food inflation has contributed to Nigeria’s headline inflation rate, with food prices soaring due to currency fluctuations.
In response to the crackdown, the Presidency emphasized the need for consumer protection agencies to ensure local prices reflect the naira’s value. However, achieving significant price reductions remains a challenge.
Dr. Abdullahi, speaking on the operation, denounced the supermarkets’ practices of price manipulation and selling fake products. He vowed to impose sanctions on those found violating regulations.
Due to limited staff, the FCCPC will focus on select stores and markets during enforcement. Plans are underway to introduce a price tracker to monitor commodity prices across the country.
Yunusa Yusuf, the General Manager of 4U Supermarket, promised to cooperate with authorities and expose suppliers of fake rice.
However, some industry experts criticized the FCCPC’s actions, arguing that regulating prices falls outside its jurisdiction and could have adverse effects on businesses and consumers.
Supermarket Prices, FCCPC