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News - North Central - FCT Updated: April 18, 2024

FG launches campaign against rising cost of goods in Abuja supermarkets

By Abdulrazak Muhammad
April 18, 2024
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The Federal Government has launched a campaign against the rising cost of goods in Abuja supermarkets following the recent appreciation of Nigeria's naira in the foreign exchange market.

The government, through its Federal Competition and Consumer Protection Commission (FCCPC), launched the campaign to enforce price display and quantity compliance at the supermarkets.

During its visit to 4U Supermarket at Wuse 2 Abuja, the commission said the campaign was a direct response to the concerns raised by consumers over the rising cost of goods.

The commission noted that price discrepancies have remained a significant issue, noting that consumers have the right to know the prices of items they intend to purchase.

Allnews.ng recalls that the commission had on Wednesday announced that it was taking significant steps to address the concerns raised by Nigerians over the continuous rise in prices of goods despite the appreciation of Naira.

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(Dr) Adamu Abdullahi, the Acting Executive Vice Chairman/Chief Executive Officer of the commission in a statement had said that the commission can not directly regulate prices but will monitor and regulate unusual price hikes.

The statement partly reads: "The Federal Competition and Consumer Protection Commission (FCCPC) is aware of the concerns expressed by Nigerians regarding the continued rise in prices of goods and services. 

"Despite the recent appreciation of the Naira against the dollar, consumers continue to face escalating costs without a corresponding decrease in prices. This situation is unacceptable, and the FCCPC is committed to protecting consumers from exploitation.

"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.

"While the FCCPC cannot directly regulate prices, the Commission will utilise its existing legal framework to enforce fair competition and consumer protection provisions. 

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"This includes monitoring and investigating unusual price hikes, addressing complaints filed by consumers, and taking action against any businesses found to be engaging in anti-competitive practices such as price-fixing, price gouging or cartel formation.

"The Commission has directed its operatives 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."

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