Federal Government Takes Aim at Anti-Competitive Practices and Unjustified Food Price Hikes in Nigeria
The Federal Government, through the Federal Competition and Consumer Protection Commission (FCCPC), is taking measures to address anti-competitive practices and unjustified food price hikes in Nigeria. The Chief Executive Officer of the FCCPC, Babatunde Irukera, announced during a forum on fair food prices that the commission will impose sanctions on trade associations found guilty of engaging in such practices.
Irukera emphasized that the FCCPC will closely monitor the market and intervene where excessive prices or exploitative conduct is identified. The commission aims to break up associations that collude to fix prices or restrict access to certain markets, thereby taking advantage of consumers and causing price gouging of essential food items.
The decision to take a tough stance on indiscriminate food price hikes is prompted by President Bola Tinubu’s declaration of food security as a national emergency. Irukera stressed that competition regulation and consumer protection should not only apply to large companies and the formal sector but should also extend to the informal sector, as it constitutes a significant portion of Nigeria’s economy. By regulating the informal sector, the government seeks to ensure fair food prices and protect consumers from exploitation.
