~Atafo Igbinedion (Abuja):
The Federal Competition and Consumer Protection Commission (FCCPC) has exposed a prominent Nigerian supermarket for severe price inflation on imported goods.
Speaking at a stakeholders’ meeting on exploitative pricing in Abuja, Vice Chairman Tunji Bello highlighted the extent of the issue.
“A striking example is the Ninja fruit blender, priced at $89 (approximately N140,000) in Texas, USA, but shockingly sold for N944,999 at the supermarket on Victoria Island, Lagos – an increase of over 500%,” Bello revealed.
The FCCPC boss expressed deep concern over this practice, pointing out that excessive overpricing has become prevalent not only for imported items but also for locally produced goods, particularly in retail markets.
“The Commission has identified disturbing patterns of price manipulation, including price fixing by market associations and other anti-consumer practices,” Bello added.
He further noted that during a recent visit to the same Lagos supermarket, the FCCPC discovered the blender priced even higher, underscoring the urgent need for regulatory action to protect consumers from such exploitative pricing.
