TRADE ASSOCIATIONS THAT RAISE FOOD PRICES UNDULY WILL BE PENALIZED BY THE FG.

Tunji Wusu –

Through the Federal Competition & Consumer Protection Commission, the FG will start enforcing penalties against trade association members who engage in unfair and unreasonable price increases for food.

On July 18, 2023, during a forum, Babatunde Irukera, the CEO of the FCCPC, disclosed this.

‘Fair food prices in Nigeria: A high-level forum for better competition’ was the forum’s tagline. He declared, “We will continue to watch the market, and if we discover inflated prices, unethical behavior, or consumer exploitation, we will intervene.

Unlocking the bottlenecks is one approach to intervene. I just indicated that we will take legal action against associations that band together to decide how much beans should cost to sell, or associations that band together to say that no one in a certain market should take yam, beans, or rice from anybody other than their members.