FG Cracks Down On Abuja Supermarkets For Price Inflation, Plans Nationwide Raids

• FCCPC launches enforcement exercise targeting supermarkets nationwide to combat abnormal price surges.

• Unannounced inspections aim to address consumer concerns about rising food costs despite the strengthening naira.

• Presidency directs consumer protection agencies to ensure local prices reflect the increasing value of the national currency.

EKO HOT BLOG reports that the Federal Competition and Consumer Protection Commission (FCCPC) launched an enforcement exercise in Abuja on Thursday, targeting supermarkets that fail to adhere to price display and quantity regulations.

This crackdown aims to reduce the high cost of food commodities nationwide.

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FCCPC Executive Secretary, Dr Adamu Abdullahi, announced the initiative would extend to Lagos, Port Harcourt, Ibadan, Kano, Kaduna, and other major cities in the coming weeks.

Unannounced inspections will target stores and open markets to address the abnormal price surges despite the recent appreciation of the naira.

The FCCPC sealed a branch of 4U Supermarket and removed 33 bags of suspected fake Stallion and Caprice rice infested with weevils.

The commission also ordered its operatives to intensify monitoring of both formal and informal markets to identify businesses engaged in price manipulation.

This action responds to consumer concerns about rising food costs that contradict the strengthening naira. Food inflation has been a significant factor in Nigeria’s current inflation rate of 33.2%, with an unprecedented food inflation rate of 40% in March 2024.

The Presidency has directed consumer protection agencies to ensure local prices reflect the rising value of the naira. While acknowledging progress, the Presidency emphasized the need for stricter enforcement to prevent businesses from exploiting consumers.

The FCCPC plans to introduce a price tracker system domiciled with the Bank of Industry to monitor commodity prices across the country and identify unjustified price hikes.

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The move has sparked controversy, with some business leaders criticizing it as government overreach.

The Lagos Chamber of Commerce and Industry President, Gabriel Idahosa, argued that price regulation should be market-driven.

However, the FCCPC maintains its actions are necessary to protect consumers from unfair market practices.

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