The Federal Government, in collaboration with the Federal Competition and Consumer Protection Commission, is set to take action against trade association members who engage in unfair trade practices and unreasonably inflate food prices.
During a high-level forum titled “Promoting Fair Food Prices in Nigeria,” Babatunde Irukera, the CEO of FCCPC, announced that the government would closely monitor the market to identify excessive prices, exploitative behavior, and consumer exploitation. The commission aims to eliminate obstacles that contribute to these issues.
Irukera expressed his determination to take action against associations that conspire to fix prices for food items or impose restrictions on the free trade of goods within specific markets. Such anti-competitive practices will face consequences, particularly concerning staple foods like beans, yams, and rice.
He emphasized the urgency of addressing indiscriminate food price hikes, especially following the President’s recent declaration of a national emergency regarding food security.
Irukera highlighted that competition regulation and consumer protection measures extend beyond large corporations and formal sectors. The informal sector, a significant portion of Nigeria’s economy, also requires effective regulation.