The Federal Competition and Consumer Protection Commission (FCCPC) has blamed market cartels for the astronomical increase in food prices across Nigeria. According to FCCPC CEO, Tunji Bello, these cartels, formed by traders in various markets, engage in price-fixing and impose excessive membership fees to maintain control and exploit consumers.
The FCCPC has opted for dialogue to address this issue, but is empowered by law to impose sanctions, including fines of up to N10 million and three-year jail terms, on offenders. The government has also taken measures to alleviate the economic situation, including removing taxes on imported food items, pharmaceutical products, and transportation.
The FCCPC’s crackdown on market cartels aims to promote fair competition and protect consumers from unfair practices, ultimately reducing the burden of high food prices on Nigerians.