FCCPC Takes Tough Action, Moves to Enforce Food Prices in Markets, Demands Meeting With Associations
- The Federal Competition and Consumer Protection Commission (FCCPC) has said it will soon move to control food prices
- The Vice President of FCCPC, Babatunde Irukera, said the Commission would move to confront market associations over food prices
- He said the associations are mainly responsible for high food prices in Nigeria because they operate as cartels
According to the Vice President of the Federal Competition and Consumer Protection Commission (FCCPC), Babatunde Irukera, the Commission will tackle anti-competitive conduct by market associations now operating as cartels.
Reports said that Irukera disclosed this during a meeting between stakeholders on food prices in Nigeria organized by the Commission in collaboration with Consumer International, an international NGO.
Source: Getty Images
Traders associations are responsible for high food prices
Irukera said:
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“It is associations, whether in input supplies, fertilizer or market traders’ association that constitute cartels that are increasing food prices.”
He further explained the relevance of trade associations to businesses but complained that the restrictions such as supply control are beyond the purview of trade associations.
Irukera tasked government agencies and regulators with the need to concentrate on tough decisions, commitment, and strategies to deal with the cartels.
The FCCPC boss explained that the Commission does not only regulate big firms or the formal sector but also the informal sector.
The purpose of competition regulation, he said, is to unlock the market and enable it to behave the way it should.
“Part of the things we will confront is how these associations operate. What is the strategy for advocacy in dealing with them, and beyond that, when advocacy fails, what is the strategy for enforcement?”
Nigerian government to regulate online lending platforms, says FCCPC
Legit.ng reported that the Federal Competition and Consumer Protection Commission (FCCPC) said when they raided the loan sharks penultimate week, the workers on the sites almost lynched them, prompting them to bring in police as protection.
The FCCPC said it has gotten a court order to halt the operations of the lending apps in Nigeria and will now introduce a proper regulatory framework for the platforms.
The FCCPC boss, Babatunde Irukera said this at the World Consumer Rights Day in Abuja.
Source: Legit.ng
