By Adedapo Adesanya
The Federal Competition and Consumer Protection Commission (FCCPC) has initiated a campaign to enforce price display and quantity compliance at supermarkets throughout Abuja, Federal Capital Territory (FCT), which is the pilot state.
The commission started this at 4U Supermarket, Wuse 2 Abuja.
The 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. The local currency has gained over 50 per cent on the American currency, which dictates price movement based on imports.
However, the agency said price discrepancies remain a significant issue.
It emphasised that consumers have the right to be informed of the prices of items they intend to purchase.
The development comes after the organisation expressed concern over the persistent increase in prices of goods and services despite the appreciation of the Naira against the Dollar.
Business Post reported on Wednesday that the FCCPC, under its acting Executive Vice Chairman/ Chief Executive Officer (CEO), Mr Adamu Abdullahi, vowed to take stringent regulatory measures against traders unfairly inflating prices of goods and commodities amid biting hardship in the country.
The regulator expressed worry that despite the recent appreciation of the Naira against the Dollar, consumers continue to face escalating costs without a corresponding decrease in prices of goods and commodities.
“This situation is unacceptable, and the FCCPC is committed to protecting consumers from exploitation,” the FCCPC head, Mr Abdullahi said in a statement made available on X, formerly Twitter.
“The FCCPC understands the significant financial strain these rising prices are placing on Nigerian households. As a result, the commission is taking proactive steps to address this issue,” he added.
He said that while the FCCPC cannot directly regulate prices, the commission will utilise its existing legal framework to enforce fair competition and consumer protection provisions.
In addition, operatives of the commission have been directed to intensify monitoring of both formal and informal markets, where businesses may be taking advantage of market conditions to unfairly inflate prices, and ramp up enforcement activities.
Business Post Contributor