The Federal Competition and Consumer Protection Commission (FCCPC) has uncovered shocking price inflation practices at a popular Nigerian supermarket, where imported products are marked up by as much as 500%. The revelation has sparked outrage among consumers and prompted the FCCPC to take decisive action against exploitative pricing.
Tunji Bello, the Vice Chairman of FCCPC, disclosed these findings during a stakeholders’ meeting on exploitative pricing held on Thursday in Abuja. He highlighted a glaring example: a fruit blender known as Ninja, which retails for $89 (approximately N140,000) in Texas, USA, was found being sold for a staggering N944,999 at a well-known supermarket in Victoria Island, Lagos—a markup exceeding 500%.
Bello emphasized that this is just one of many instances where the FCCPC has identified disproportionate price hikes on imported goods. “We have observed that the margins in the prices of imported goods are extremely disproportionate. This situation is particularly evident in the retail segment, where we’ve uncovered patterns of price fixing, price gouging, and other anti-consumer practices,” he stated.
Adding to the gravity of the situation, Bello revealed that the same blender was priced at N750,000 just two weeks prior, raising serious concerns about arbitrary price increases. “The question arises: what is the basis for this arbitrary hike in the price of the blender compared to the United States? What business principle can justify this level of profiteering?” he questioned.
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The FCCPC’s investigation extended beyond Lagos, uncovering similar exploitative practices in major cities such as Abuja, Kano, and Port Harcourt. In one notable instance, a supermarket in Abuja was found charging N2,600 for an imported toilet soap, while the same product was available for N1,950 at a supermarket in Lekki, Lagos on the same day. Furthermore, the Abuja store failed to display the price tag, violating FCCPC’s regulations.
The FCCPC has declared that such practices will no longer be tolerated, and it plans to crack down on businesses engaged in profiteering schemes. “This level of price fixing and exploitation is unacceptable, and the FCCPC will take strict measures to protect Nigerian consumers,” Bello affirmed.
As the FCCPC intensifies its efforts to combat price gouging, consumers are encouraged to report any instances of exploitative pricing to the commission. The commission’s crackdown aims to ensure fair pricing across the country, particularly in the retail sector, and to hold businesses accountable for anti-consumer practices.
