The Federal Competition and Consumer Protection Commission (FCCPC) executed an enforcement raid at two supermarkets in the Federal Capital Territory, Abuja, on Thursday, aiming to enforce price display and quantity regulations. Dr. Adamu Abdullahi, the Executive Secretary of the Commission, announced plans to extend this exercise to other cities including Lagos, Port Harcourt, Ibadan, Kano, and Kaduna in the coming weeks.
Abdullahi emphasized that unannounced inspections would be conducted at stores and open markets across various states to curb abnormal price surges that have persisted despite the recent appreciation of the naira. In a bid to address concerns about the rising costs of goods, the FCCPC ordered its operatives to intensify monitoring of both formal and informal markets to identify businesses engaged in unnecessary price inflation.
During the enforcement raid in Abuja, the FCCPC sealed 4U Supermarket and confiscated 33 bags of suspected fake stallion and caprice rice infested with weevils from one of its branches located at 58 Adetokunbo Ademola Crescent, Wuse II.
The move comes in response to the ongoing issue of food inflation, contributing to Nigeria’s headline inflation rate of 33.2% and an unprecedented food inflation rate of 40% in March 2024. The decline of the naira against the dollar earlier in the year led to soaring prices of essential goods and services, exacerbating the cost of living.
Despite assurances from the Presidency regarding efforts to combat racketeering and stabilize the naira, a significant drop in the prices of essential commodities has not materialized. Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, reiterated President Bola Tinubu’s directive for consumer protection agencies to ensure that local prices align with the rising value of the naira.
Ngelale emphasized the need for continuous efforts to bring down inflation rates and ensure a fair reflection of the naira’s strength in commodity prices. He highlighted expectations for improvement in the nation’s cash position with the resumption of operations in refineries, aiming for a stronger naira and fair pricing of commodities in the market.