FCCPC uncovers cartels inflating food prices in Nigeria

Federal Competition and Consumer Protection Commission (FCCPC) has identified cartels that are manipulating prices of goods and food in Nigeria.

The commission’s Executive Vice Chairman, Tunji Bello, made this known during a recent stakeholder engagement focused on exploitative pricing held in Uyo, Akwa Ibom State.

Bello emphasised the significant impact on the poultry sector, noting that powerful industry players were controlling prices, which was detrimental to smaller producers in the market.

“Small poultry owners previously sold a day-old chick for between N480 and N590 and still made a profit. However, the entry of two major market players changed that,” he stated, choosing to withhold their names.

“They operate in a mafia-like manner. If you attempt to negotiate with one, they tip off the others, ensuring uniform pricing,” Bello lamented.

According to him, President Bola Ahmed Tinubu’s administration’s economic interventions, including the removal of tariffs on food imports, value-added tax on pharmaceuticals and medical devices, tax waivers for businesses and public transport, and facilitating easy credit for converting vehicles from petrol to CNG, should have impacted the prices of goods and services.

“It is only fair that our businessmen and traders share the benefits of these measures with consumers through reduced prices,” Bello stated.