The Federal Government on Thursday initiated sporadic enforcement raids at multiple supermarkets and markets within the Federal Capital Territory to ensure adherence to price display and quantity regulations, aiming to reduce the cost of food commodities nationwide.
It also said it would continue unannounced inspections at super and open markets in Lagos, Port Harcourt, Kaduna, and Ibadan in the coming weeks to probe the abnormal price surges and take firm measures against any companies caught engaging in unfair market practices like price manipulation, excessive pricing, or cartel formation.
The Executive Secretary of The Federal Competition and Consumer Protection Commission, Dr. Adamu Abdullahi, said this when he conducted an enforcement exercise to eliminate grocery store price gouging and illegal pricing schemes.
During the exercise that lasted several hours, the FCCPC sealed 4U Supermarket and evacuated 33 bags of fake stallion and caprice rice filled with weevils from one of the branches of the same supermarket located at 58 Adetokunbo Ademola Crescent, Wuse II.
Earlier on Wednesday, the commission had ordered its operatives to intensify monitoring of both formal and informal markets to identify businesses engaged in unnecessary inflation of prices for required enforcement action.
This move is a direct response to concerns raised by consumers about the rising costs of goods, which go against the recent strengthening of the naira.
Food inflation has been a recurring issue influencing the steady increase of Nigeria’s headline inflation of 33.2 per cent, recording an unprecedented food inflation rate of 40 per cent in March 2024.
It was exacerbated by the extensive fall of the naira against the dollar in January and February leading to the soaring prices of essential goods and services, raising the costs of living costs to an all-time high.
Although the presidency had vowed to continue its campaign against racketeers, urging Nigerians to expect a stronger naira, a significant drop in the prices of essential commodities was elusive.
The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, said that the president 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.
The Presidency also assured Nigerians of the better days ahead saying the benefits of the reforms will be “more evident” as the administration progresses.
“Once you join the rising spending power of Africa’s largest population with the historic availability of trillions of naira for consumer credit that will bolster the real sector, you will see why Nigerians will be most pleased that they elected a financial engineer and businessman as president by the end of his first term in office, even as the signs are increasingly more evident today,” the Presidential spokesman stated.
