Business
FG set to sanction trade associations hiking food prices excessively
The FG, through the Federal Competition & Consumer Protection Commission, will begin to roll out sanctions against members of trade associations guilty of anti-competitive practices, indiscret & irrational hikes of food prices.
CEO of the FCCPC, Babatunde Irukera, revealed this on July 18th, 2023 during a forum.
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The forum was titled ‘Fair food prices in Nigeria: A high-level forum for better competition’. He said, “We will continue to monitor the market & where we find that prices are excessive or find exploitative conduct or find that consumers are being taken advantage of, we will intervene.
One of the ways of intervening is unlocking the bottlenecks. That is what I just said, associations that come together to determine at what price beans should be sold, associations that come together to decide that nobody in a particular market should take yam, beans or rice from any other person except their members, we will proceed against them.”
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