The Federal Government of Nigeria has embarked on a rigorous campaign to enforce price regulations at supermarkets and markets within the Federal Capital Territory. The initiative, spearheaded by the Federal Competition and Consumer Protection Commission (FCCPC), includes surprise enforcement raids aimed at ensuring adherence to price display and quantity regulations. The primary objective of these efforts is to reduce the cost of food commodities nationwide.
In a statement released on Thursday, the Executive Secretary of the FCCPC, Dr. Adamu Abdullahi, detailed the commission’s intent to conduct unannounced inspections at various supermarkets and open markets in major cities such as Lagos, Port Harcourt, Kaduna, and Ibadan. These inspections have been scheduled in the coming weeks and are part of a comprehensive effort to investigate abnormal price surges and target companies engaged in unfair market practices, including price manipulation, excessive pricing, and cartel formation.
During a recent enforcement exercise at 4U Supermarket in Wuse 2, FCCPC officials were on hand to eliminate instances of price gouging and illegal pricing schemes. Dr. Abdullahi emphasized that the FCCPC is committed to taking firm measures against any companies found to be flouting price regulations and engaging in practices that harm consumers and distort fair market competition.
This move by the FCCPC underscores the government’s commitment to protecting consumers and ensuring fair market practices across the country. As the enforcement raids continue, it is expected that both supermarkets and markets will be held accountable for complying with price display and quantity regulations, ultimately resulting in better affordability and transparent pricing for food commodities.
