The Nigerian Government has threatened to sanction members of trade associations across the country over what it described as indiscriminate and irrational hikes in food prices and anti-competitive practices. Chief Executive Officer of the Federal Competition and Consumer Protection Commission (FCCPC), Babatunde Irukera, made this known on Tuesday during a forum organised by the commission to discuss fair food prices.
, the FCCPC Chief Executive Officer said that some trade unions had constituted cartels to engage in anti-competitive practices that have led to price gouging of basic food items.According to Irukera, taking a hard line against indiscriminate food price hikes had become imperative in light of the president’s declaration of food security as a national emergency last week.“Competition regulation and consumer protection is not only to regulate the big companies.
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