Nigerians are celebrating on social media following a notable drop in the price of a bag of rice, thanks to the Federal Government’s initiatives to stabilize commodity prices.
The news of the price decrease from N80,000 to N60,000 brought immense relief to Nigerians who have faced challenges affording essential food items over the past year.
Several traders acknowledged a modest decrease in the price of a bag of rice but clarified that it has not reached N60,000 yet. Ajoke, a vendor at Ikotun market in Lagos, mentioned that while prices are dropping, they have not hit the reported threshold. She remarked, “I don’t have any rice priced at N60,000 in my shop, and I’m uncertain where people are finding a 50kg bag of rice at that price.”
“Nevertheless, I can verify that prices are gradually decreasing. For instance, my Mr Rice 50kg bag now sells for N76,000, reduced from N82,000, while other brands like WOW King of Rice, Basma, Mango, and Siamese are priced at N78,000,” stated another trader. Chukwuma, who identified himself as another trader, affirmed that a 50kg bag of rice still exceeds N60,000.
The most affordable 25kg bag of rice available in my shop is priced at N35,000. Therefore, it’s perplexing how a 50kg bag could be sold for N60,000. “For instance, my Mama’s Pride 25kg bag is N35,000. Any 50kg long grain rice is priced at over N75,000,” stated the trader. The Federal Government is intensifying efforts on commodity pricing. Meanwhile, the Federal Competition and Consumer Protection Commission (FCCPC) has reiterated its commitment to addressing the escalating prices of commodities to safeguard Nigerians. In a statement posted on its official page, the commission pledged to utilize its existing legal framework to enforce fair competition and consumer protection regulations.
The Federal Competition and Consumer Protection Commission (FCCPC) stated, “We are cognizant of the apprehensions voiced by Nigerians concerning the persistent surge in prices of goods and services. Despite the recent strengthening of the Naira against the dollar, consumers are still grappling with rising expenses without a commensurate reduction in prices. This scenario is intolerable, and the FCCPC remains steadfast in its resolve to shield consumers from exploitation.”
Recognizing the significant financial burden that these escalating prices impose on Nigerian households, the FCCPC is taking proactive measures to tackle this issue. “While the FCCPC does not have direct control over pricing, the Commission will leverage its existing legal framework to enforce fair competition and consumer protection regulations,” stated the Commission. This includes monitoring and investigating abnormal price increases, addressing consumer complaints, and taking action against businesses found engaging in anti-competitive practices such as price-fixing, price gouging, or cartel formation.
“The Commission has instructed its agents to increase surveillance of both formal and informal markets, where businesses might exploit market conditions to unjustly inflate prices, and enhance enforcement efforts.”
The agents will collaborate with trade associations, farmer groups, and other stakeholders to identify and eliminate unnecessary obstacles to entry in different sectors, combat price-fixing, and dismantle cartels.
