In response to the recent declaration of a state of emergency on food security by President Bola Ahmed Tinubu’s administration, the Executive Vice Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), Mr. Babatunde Irukera, has taken a firm stance against market associations that have formed illegal cartels to manipulate food prices in Nigeria.
During the “Fair Food Prices in Nigeria, Multi-stakeholder Workshop” organized by the FCCPC and the foreign non-governmental organization Consumer International in Lagos State, Irukera issued a warning on Tuesday, signaling the commission’s intent to take action against those responsible for driving food prices upwards.
Irukera emphasized that it is these associations, both in input supplies such as fertilizers and market traders’ associations, that are fostering cartels and inflating food prices. He cited price gouging, anti-competitive conduct, and other commercial factors as contributors to the unreasonably high food prices. The FCCPC aims to identify these issues and develop strategies to combat them effectively.
