Some residents of Lagos have urged the government to revitalise the nation’s price control framework to curb arbitrary price hike and shield consumers from exploitation.
A cross section of the residents who spoke to the News Agency of Nigeria (NAN) in Lagos expressed concern over the arbitrary hike being experienced.
They urged authorities to establish a more effective and transparent price regulatory commission that would stabilise markets and hold traders accountable.
Comparative market surveys indicate that a 50kg bag of rice, which sold for N35,000 in June 2024 and N42,000 in January 2025, now goes for between N68,000 and N72,000 in major Lagos markets.
Similarly, a 50kg bag of beans has jumped from N48,000 in late 2024 to N85,000 in June 2025.
Mrs Angela Chukwu, an administrator at Glorious Future School, Egbeda, said that the erratic food prices have made family budgeting nearly impossible.
“What law says food must become expensive during every festive season? Some traders just wake up and impose a 100 per cent price hike.
“Just last month, I bought a paint bucket of pepper for N10,000. Today, it’s over N21,000.
“The government needs to partner with farmers and invest in storage facilities.
“That’s the only way we can ensure steady supply and pricing,” she said.
She added that the constant fluctuations in prices cannot always be blamed on inflation or fuel, but on speculative pricing by market players.
“I bought a small bag of garri for N5,000 in April. Now, it’s N11,000 in the same market.
There should be a price audit task force like the ones we have for fuel,” she said.
Mr Tunde Adigun, a ride-hailing driver with In-Drive, operating from Surulere, lamented the spike in service-related expenses, especially vehicle parts.
“I bought a car battery in March for N38,000. Today, the same model goes for N100,000 at Total Auto Parts, Aguda. There’s no justification for that increase,” he said.
Adigun urged the government to review importation processes, port duties, and warehousing costs, which he said contribute significantly to price hikes.
“It’s not just about sealing shops or arresting traders. The root of the problem lies in logistics, tariffs, and foreign exchange,” he said.
At Balogun Market, Lagos Island, Miss Omolara Bassey, who owns a Boutique noted that prices of clothing items had also risen steeply due to dollar fluctuations.
“I buy most of my stock from Dubai and Turkey. A ladies’ two-piece set I sold for N12,000 last year now costs N23,000 due to import costs.
“If the government fixes prices without considering currency changes, many small business owners like me will close shop,” she said.
Bassey recommended policies that would stabilise the naira, reduce import dependency, and offer tax breaks to Small and Medium scale Enterprises.
Mr Fatai Suleiman, a retired civil servant living in Ikorodu, recalled the effectiveness of the old Price Control Board in the 1980s, when government officials enforced pricing rules in markets.
“There was a time when any trader caught overpricing goods was penalised. Now, it’s like anything goes. Everyone blames ‘market forces’, but often, it’s just greed,” he said.
He commended the Federal Competition and Consumer Protection Commission (FCCPC), which in April carried out market surveillance in Lagos and Abuja to warn retailers against exploitative pricing.
“They should go beyond warnings. Local government areas should have community-level price monitors and complaint centres. That’s how we can build an accountable system,” he said.
Mrs Esther Adebamowo, the Market Leader (Iyaloja) in Olugbede Market in Egbeda, said that the current pricing situation also affects traders.
“Transport and storage are major challenges. We pay multiple levies along the roads, and lack of cold storage means food gets spoiled quickly. But some traders take advantage of the chaos,” he said.
Adebamowo called for the revival of coordinated pricing strategies and better transport infrastructure to lower costs from farm to market.
“We keep talking to our market men and women, like I always say, most of the shoppers are getting wiser, they will go round the market before they buy.
“So if you deliberately increase the prices of goods people will eventually stop coming to your store,” she said.
The NAN reports that the Federal Ministry of Industry, Trade and Investment announced in May that it would revive the Price Intelligence Unit (PIU) under the Weights and Measures Department.
The unit is expected to gather real-time data on commodity prices and flag anomalies nationwide.
Also, during the 2024 World Consumer Rights Day, Mrs Folasade Bada-Ambrose, Commissioner for Commerce, Cooperatives, Trade and Investment in Lagos State, stressed the importance of protecting consumer rights, particularly in the digital economy.
She called for a fair and transparent marketplace that would prioritise both consumer welfare and sustainable business practices.
