Price control action by the government through the FCCPC.

[Rruchi man]

Many Nigerians like myself have often complained about the unregulated nature of prices in the market and some big superstores, where the sellers and owners fix prices at their discretion without consideration of the customers buying. Exchange rates have reduced, but there are still marketers who have refused reducing the prices of their goods as quickly as they were to increase it.

The Federal government through an agency that I just heard recently but have been founded since have started price control actions to make sure that marketers that are taking advantage of Nigerians are brought to book.

The Federal Competition and Consumer Protection Commission (FCCPC) is the agency of government that has swung into action and closed down some supermarkets in the capital city for unfair prices.

The Federal Government on Thursday initiated sporadic enforcement raids at multiple supermarkets and markets within the Federal Capital Territory to ensure adherence to price display and quantity regulations, aiming to reduce the cost of food commodities nationwide.

It also said it would continue unannounced inspections at super and open markets in Lagos, Port Harcourt, Kaduna, and Ibadan in the coming weeks to probe the abnormal price surges and take firm measures against any companies caught engaging in unfair market practices like price manipulation, excessive pricing, or cartel formation.

During the exercise that lasted several hours, the FCCPC sealed 4U Supermarket

source

What do you think? and how long will this agency be able to stay corruption free? Because it is not impossible for big supermarkets and stores to begin bribing the officials of this agency to allow them with their illegal prices.

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[Charles-Tim]

They will need to start from manufacturers to know the retail prices of each products. Then they can go to local markets and supermarket like they want to buy something. Price what they are selling there. We do not want to hear that they lockdown supermarket only but we also want to hear that they lockdown some local market shops.

Small size Indomie that was sold between ₦10500 and ₦11500 is now sold between ₦7000 and ₦8500. Someone even told me that is has lessen more in price but I do not know if that is true. So why other products are so still very expensive while some also become more expensive.

Imported products had fallen in price significantly but these local products are where wahala dey. We need price control.

I blame the government for manipulating naira price which is one of the cause of what is happening now. Inflation is not easy to reverse.

When there was persistent rise in price of these local products, they said it is foreign exchanges that was increasing in value as naira was falling in value. They also said diesel caused it. Naira that was sold at ₦1900 to a dollar before is now ₦1130 to a dollar. Diesel that was sold at ₦1900 per liter is now ₦1000 per liter. What is their complaint again this time than greediness.

What do you think? and how long will this agency be able to stay corruption free? Because it is not impossible for big supermarkets and stores to begin bribing the officials of this agency to allow them with their illegal prices.

Bribing is possible.

[Richbased]

It is just so unfortunate that when the prices of things in the market skyrockets, it is always difficult for marketers and traders to reduce prices there after which is a very wrong practice that have eaten deep in the mindset of these marketers and traders.

Initially, when the naira was depreciating constantly, they channeled the inflation that was occuring to be as a result of the naira continues depreciation. Now the naira has recorded significant gains of which the cost of things in the market are supposed to follow suit but yet the prices of goods, services and commodity are still very much on the rise, that is to show that naira devaluation had no effect on the prices of goods and commodity as it was just pure wickedness by traders and marketers that led to such unfortunate actions.

The best way to proffer solutions to this country is mostly through use of force because that is the only way people obeys government instructions so it would be a nice development if the FCCPC controls the price of things and give sanctions and penalize defaulters.

[Nwada001]

Just like what the first commenter stated, one of the best ways is not just by setting policies; they should set up some agents who will go into the market, both big and small, even in the local communities, check the price of things, seize them, and lock up those shops or supermarkets that might be selling more than what they are supposed to be selling. 
 
If I could remember correctly, during the time of Goodluck Jonathan, he and some of his team usually worked down to the market in times like this to confirm the price of things, and those who were overselling a particular product got served the punishment they deserved. Even fuel stations were locked up back then.
 
With the way the price of things is supposed to come down, I just don't understand why the price of some goods, like common garri that's locally made, is still skyrocketing in the market every single day.

[EluguHcman]

The actionate demonstrations of shutting down those big outlet super store by the price of goods communions is applauding by the federal government.
That really gives hope that the ugly price of goods in here and there would be stabilized and normalized for the goodness of everyone else.

I only fear that the affirmation commission would not only exercise that which we call 'Initial Gra gra" which we in the country knows it is sometimes just formalities to show ones actionate ability without really mean of It.

We hope the commissioned agencies would not be attracted to bribery and comprises the federal governments orders.

We also hope that the federal government would not tend to carry on monopoly exercises as a course of playing adamant where others are on the same characters which others are being penalized.

We also hope that their forces of taking actions would not seize by a corner when the expectation or goal for the commission is not achieved yet.
But if every forms would stick cordially then there is said to o be absolutely hope for a better Nigeria if the caring of the federal government for the masses keep to be a priority.

[Antotena]

What do you think? and how long will this agency be able to stay corruption free? Because it is not impossible for big supermarkets and stores to begin bribing the officials of this agency to allow them with their illegal prices.

This people are bunch of clowns that doesn't know how to set their priorities. They are just trying to make cheap scores to prove to government that their agency is working, they are absolutely doing nothing. Since when last did they visit supermarket and do these, I have not heard form these agency do this kind of routine in the last 16 years and they just decided to mop corruption they are supposed to fight since many years back.

In Nigeria, many stores and supermarket operate like they are special place, more like a heaven where rich people comes to buy things and they inflate the price because of this nonsense standard of rich people place. An average man can't shop with the change they have and poor man can't either because they are expensive, imagine a bottle of water that is supposed to be sold for ₦250 max will be sold for ₦500 or ₦600, that's extortion of people but the agency decided to do a check today just to send message that they are active. 

[Churchillvv]

I think this what I have been expecting ever since the tackling of dollar/naira rates, I don't know if this will turn out well but if this incumbent president and his executives can be so vibrant to this extent I might be considering them a better leaders.

I believe some more force will begin to rade the societies if they have started with the capital state then every city and locals will take the case very serious and reduce the price of everything.

I know Nigerians very  well, I know the country I have been in since birth, they like to follow trends, as soon as they here that there is a team going around and arresting people who sell high price the whole country will begin to vibrate and then fear and tension will go into the minds of manufacturers hence the price of things will keep reducing drastically.

I most confess that this is one of the best action a government can take, and just as @Nwada001 said it was the same action Ex president Ebele Goodluck Jonathan took during his Era that sharping the economy to an extent.

[Nangiconference]

Is not  just fair to lock up shop like that, I think any product they are investigating in any shop they should try to trace to the supplier and manufacturer since they retailer could fix his or her price based on how he or she has bought the goods from his suppliers.the remote causes of high costs starts from the manufacturer since he determines how much to sell his products, e.g. cement.
I think manufacturing cost should be analysed to determine whether the goods are sold fairly.
It will interest you to know that the price of garri has witnessed continuous increment and the poor masses are dyeing which have prompted both indigenes and foreigners in my locality to enter farming but the bad side of the farming is that they will harvest it in the next two years.
In my opinion strong warning should be made for everybody to slash down the prices of their products in order to create equality. Because if you tell the garri seller to drop price and he does that, while the man selling yam did not drop his price. It means the garri man will have to sell a basin of garri to buy one small tuber of yam. His proceeds would not afford other commodities because others are high implying that, he will sell much garri to buy small yam. He will sell a bag of garri to buy one bag of cement because cement is still high.

[nelson4lov]

What do you think? and how long will this agency be able to stay corruption free? Because it is not impossible for big supermarkets and stores to begin bribing the officials of this agency to allow them with their illegal prices.

As much as I'd like to join on the optimistic front, it is a known fact that being optimistic with matters that concerns our country will only set one up for a huge disappointment. They didn't take up the initiative until when citizens started crying about it. Price regulation should have been one of the basic policies/measures put in place. While I have my fingers crossed to see what becomes of the initiative, I can't rule out the fact that developments like this is often short lived.

The first time fuel prices spiked under buhari's government, some agencies went out to ensure filling stations were not selling above market rate. Did it last? No. I always try to be pessimistic but who knows?

[Nwada001]

Ontop of this matter Don lock up 1 big super market for Abuja say them they sell goods above normal price way eh suppose be, this nah really good development if them fit continue like this, just two to 5 major business sealed go alert others go reduce there price with speed.

[Charles-Tim]

FCCPC pointed out some reasons the price of local goods are expensive: Multiple taxation, others responsible for high prices of goods — FCCPC

We have discussed about some on this forum before like transportation. But taxation is also one of the reasons. Also the impact of herdmen is part of the reasons but which we also know would be. Another reason is anti-competitive practices by cartels that restrict supply.

Increase in supply will also help. But what about the land borders that are closed.

Ontop of this matter Don lock up 1 big super market for Abuja say them they sell goods above normal price way eh suppose be, this nah really good development if them fit continue like this, just two to 5 major business sealed go alert others go reduce there price with speed.

Did you read the link in the OP? What you just posted was there.

The Federal Government on Thursday initiated sporadic enforcement raids at multiple supermarkets and markets within the Federal Capital Territory to ensure adherence to price display and quantity regulations, aiming to reduce the cost of food commodities nationwide.

During the exercise that lasted several hours, the FCCPC sealed 4U Supermarket and evacuated 33 bags of fake stallion and caprice rice filled with weevils from one of the branches of the same supermarket located at 58 Adetokunbo Ademola Crescent, Wuse II.

[Davidvictorson]

What do you think? and how long will this agency be able to stay corruption free? Because it is not impossible for big supermarkets and stores to begin bribing the officials of this agency to allow them with their illegal prices.

I think this is a welcomed development. However, this is Nigeria and corruption is deeply interwoven into the bloodstreem of those civil servants.  It is good the price-cabals will be laughing right now because they know that all they have to do is grease the palms of one or two of the agency staff and they will be informed before hand when the agency will visit their supermarkets. As the FCCPC is doing their own, we the public have to put pressure on the superstores. If you go a shop and notice that their price is "off", simply take a timestamped picture of it, with the supermarket, post it online and tag the relevant agencies.

[Rruchi man]

I think this is a welcomed development. However, this is Nigeria and corruption is deeply interwoven into the bloodstreem of those civil servants.  It is good the price-cabals will be laughing right now because they know that all they have to do is grease the palms of one or two of the agency staff and they will be informed before hand when the agency will visit their supermarkets. As the FCCPC is doing their own, we the public have to put pressure on the superstores. If you go a shop and notice that their price is "off", simply take a timestamped picture of it, with the supermarket, post it online and tag the relevant agencies.

It is just sad that this is likely to happen, makes me wonder who to blame for the issue of corruption, is it the government or is it us who are not helpful to ourselves?

 Supermarkets and shop owners who want to refuse bringing down their prices will loose customers because many people will move to shops and supermarkets where the owners have dropped the cost of things.

[Jaycoinz]

I think this is a welcomed development. However, this is Nigeria and corruption is deeply interwoven into the bloodstreem of those civil servants.  It is good the price-cabals will be laughing right now because they know that all they have to do is grease the palms of one or two of the agency staff and they will be informed before hand when the agency will visit their supermarkets. As the FCCPC is doing their own, we the public have to put pressure on the superstores. If you go a shop and notice that their price is "off", simply take a timestamped picture of it, with the supermarket, post it online and tag the relevant agencies.

It is just sad that this is likely to happen, makes me wonder who to blame for the issue of corruption, is it the government or is it us who are not helpful to ourselves?

 Supermarkets and shop owners who want to refuse bringing down their prices will loose customers because many people will move to shops and supermarkets where the owners have dropped the cost of things.

But that's the true of the matter because anyone who feels the need to still instigate on the current price rate of their goods will just have to lose their customers because me and every Nigerian no go fit see something wey dey good then still go put hand and buy from where the price dem wan use am cut person neck. This price control matter na really something else for the country and most times na we our fellow Nigerians nai dey actually cause all these things.

[Spaceman1000$]

Many Nigerians like myself have often complained about the unregulated nature of prices in the market and some big superstores, where the sellers and owners fix prices at their discretion without consideration of the customers buying. Exchange rates have reduced, but there are still marketers who have refused reducing the prices of their goods as quickly as they were to increase it.

The Federal government through an agency that I just heard recently but have been founded since have started price control actions to make sure that marketers that are taking advantage of Nigerians are brought to book.

The Federal Competition and Consumer Protection Commission (FCCPC) is the agency of government that has swung into action and closed down some supermarkets in the capital city for unfair prices.

The Federal Government on Thursday initiated sporadic enforcement raids at multiple supermarkets and markets within the Federal Capital Territory to ensure adherence to price display and quantity regulations, aiming to reduce the cost of food commodities nationwide.

It also said it would continue unannounced inspections at super and open markets in Lagos, Port Harcourt, Kaduna, and Ibadan in the coming weeks to probe the abnormal price surges and take firm measures against any companies caught engaging in unfair market practices like price manipulation, excessive pricing, or cartel formation.

During the exercise that lasted several hours, the FCCPC sealed 4U Supermarket

source

What do you think? and how long will this agency be able to stay corruption free? Because it is not impossible for big supermarkets and stores to begin bribing the officials of this agency to allow them with their illegal prices.

This is the right way to go, I have often complained about government creating agency that can check the excessive hike in prices of goods and services by traders. the state governors should as well adopt this approach because the Federal government alone cannot do it,  hence States has adopted it, it will trickle down to the local government.

Well corruption is the big elephant that we have in the room, because this agencies might be compromised in the long run, though there intention in this beginning stage is good but how well can they continue this good will without being corrupted is the big question.

[uchegod-21]

Nigeria na country any person fit wake up, do anything then like and go with it. In as much as we know say Nigeria problems big which corruption follow in the side of the leaders, you go need say corruption also dey in the side of the followers who be coming people. For example, manu people no dey pay tax for Nigeria. Many rich men know how they avoid tax. People just go open business anyhow, go backyard produce something and stamp it as NAFDAC. In the same neighborhood, 5 different people go sell 5 different prices. Naira don appreciate yet prices still dey for fast lane dey increase everyday. Nigeria problems too many, many all these agencies wake up for their works without taking brice, God fit help us achieve something for this we country.

[sokani]

Just as Charles talk make dem start from the top begin to dey show workings and the moment people for bottom see wetin dey sup, dem go readjust.

As dollar don fall small, the price wey manufacturers dey pay to bring in raw materials into the country to produce their finished products don also come down. But if dem still dey sell at the old price to their consumers, then the price of things go remain the same, except dem don bring their price down but some greedy persons still dey make things difficult for others. Anyways, na good work from FCCPC, but make dem also spread their tentacles across other cities aside the ones wey dem mention.

[Proty]

Many Nigerians like myself have often complained about the unregulated nature of prices in the market and some big superstores, where the sellers and owners fix prices at their discretion without consideration of the customers buying. Exchange rates have reduced, but there are still marketers who have refused reducing the prices of their goods as quickly as they were to increase it.

The Federal government through an agency that I just heard recently but have been founded since have started price control actions to make sure that marketers that are taking advantage of Nigerians are brought to book.

The Federal Competition and Consumer Protection Commission (FCCPC) is the agency of government that has swung into action and closed down some supermarkets in the capital city for unfair prices.

The Federal Government on Thursday initiated sporadic enforcement raids at multiple supermarkets and markets within the Federal Capital Territory to ensure adherence to price display and quantity regulations, aiming to reduce the cost of food commodities nationwide.

It also said it would continue unannounced inspections at super and open markets in Lagos, Port Harcourt, Kaduna, and Ibadan in the coming weeks to probe the abnormal price surges and take firm measures against any companies caught engaging in unfair market practices like price manipulation, excessive pricing, or cartel formation.

During the exercise that lasted several hours, the FCCPC sealed 4U Supermarket

source

What do you think? and how long will this agency be able to stay corruption free? Because it is not impossible for big supermarkets and stores to begin bribing the officials of this agency to allow them with their illegal prices.

Well  the agency has been there for longand they have been doing their job bcos consumers protection is the main reason why the association was formed. With  past events like dangote coming out to increase the price of cement without any due consideration and other local manufacturers increasing the prices of  their commodity without thinking of the impact it will HV on the consumer. Let just pray that this time de agency has swung into action they should be able to discharge there duty effectively without being biase.

[Amphenomenon]

Just as Charles talk make dem start from the top begin to dey show workings and the moment people for bottom see wetin dey sup, dem go readjust.

As dollar don fall small, the price wey manufacturers dey pay to bring in raw materials into the country to produce their finished products don also come down. But if dem still dey sell at the old price to their consumers, then the price of things go remain the same, except dem don bring their price down but some greedy persons still dey make things difficult for others. Anyways, na good work from FCCPC, but make dem also spread their tentacles across other cities aside the ones wey dem mention.

If only these people fit just show up for Edo state, here the business men/women are so much greedy, all you hear from them is dollar rate has increased even to those selling Vegetables while when it drop they hardly spoke about it but you saw that recent increase again like 2 or 3 days back, it was already trending that dollar rate as increase.

I hope they focus also on the electronics, phone and gadgets market since this are were these  acts is mainly common.

What do you think? and how long will this agency be able to stay corruption free? Because it is not impossible for big supermarkets and stores to begin bribing the officials of this agency to allow them with their illegal prices.

I think this is a welcomed development. However, this is Nigeria and corruption is deeply interwoven into the bloodstreem of those civil servants.  It is good the price-cabals will be laughing right now because they know that all they have to do is grease the palms of one or two of the agency staff and they will be informed before hand when the agency will visit their supermarkets. As the FCCPC is doing their own, we the public have to put pressure on the superstores. If you go a shop and notice that their price is "off", simply take a timestamped picture of it, with the supermarket, post it online and tag the relevant agencies.

Definitely bribery is inevitable here but if we take our stands like we did last year with the POS vendors by reporting these supermarket to them things will actually become better, though this idea will not really hold against those in the local market, I believe this agency still has to instill fear to the market men and women in some of the local markets across each states to make them to be weary in acting on greed

[Rruchi man]

Definitely bribery is inevitable here ...

Just like I mentioned to someone in altcointalk who also made mention of bribery,
Do you know that in an online pool in 2023, the FCCPC was recognized as the most transparent government agency?

The Federal Competition and Consumer Protection Commission (FCCPC) has been acknowledged as the most efficient and transparent government agency in Nigeria in an online poll.

source
The other government agencies in the survey were NAFDAC, NCAA, NCC, NERC, NITDA, NOSDRA and SON.
Will they stay efficient and transparent in the eyes of the public if another survey is carried out?

In further news, the FCCPC exercise is expanding slowly, so we will begin seeing the effects of their actions soon on the price of commodities.

The Federal Competition and Consumer Protection Commission, FCCPC, continued its crackdown on price irregularities in local markets, conducting a monitoring exercise at Masaka market in Nasarawa State on Friday

source