Some residents of Lagos have urged the government to revitalise the nation’s price control framework to curb arbitrary price hikes and shield consumers from exploitation.

A cross-section of residents who spoke to the News Agency of Nigeria in Lagos expressed concern over the arbitrary hike.

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.

An administrator at Glorious Future School, Egbeda, Angela Chukwu, said the erratic food prices had 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.

A driver, Tunde Adigun, operating in Surulere, lamented the hike 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. 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.

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 lady’s 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.

NAN reports that the Federal Ministry of Industry, Trade and Investment announced in May that it would revive the Price Intelligence Unit 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, the Commissioner for Commerce, Cooperatives, Trade and Investment in Lagos State, Folasade Bada-Ambrose, stressed the importance of protecting consumer rights, particularly in the digital economy.

https://punchng.com/lagos-residents-call-for-stronger-price-regulation/