The Federal Competition and Consumer Protection Commission (FCCPC) conducted an enforcement operation at two supermarkets in Abuja to ensure compliance with price display and quantity regulations. This initiative aims to address the issue of soaring food prices nationwide, with plans to extend inspections to Lagos, Port Harcourt, Ibadan, Kano, Kaduna, and other cities in the near future.
Dr. Adamu Abdullahi, the Executive Secretary of the Commission, highlighted the importance of these unannounced inspections to control abnormal price surges, especially amidst the recent appreciation of the naira. The FCCPC sealed 4U Supermarket during the operation and confiscated 33 bags of suspected fake rice infested with weevils.
Abdullahi emphasized that the commission will not tolerate unfair market practices such as price manipulation or the sale of counterfeit goods. He pledged to take necessary actions against companies found engaging in such activities, in accordance with the FCCPC Act of 2018.
Despite efforts to curb inflation, food prices have continued to rise, contributing to Nigeria's headline inflation rate of 33.2% and a food inflation rate of 40% in March 2024. The FCCPC's intervention seeks to ensure that prices in the market reflect the prevailing exchange rates and protect consumers from exploitation.
Looking ahead, the FCCPC plans to introduce a price tracker system to monitor commodity prices nationwide and address any unjustified price hikes promptly. While some stakeholders have criticized the FCCPC's actions as overreaching, the commission remains committed to its mandate of safeguarding consumer rights and promoting fair competition in the market.
0 Comments