FCCPC begins nationwide advocacy against exploitative pricing

The Federal Competition and Consumer Protection Commission (FCCPC) has released a startling revelation about how cartels in the poultry and packaging industries manipulate the market to keep prices high despite government interventions.

The EVC/CEO of the Commission, Tunji Bello, disclosed this at a stakeholder meeting in Uyo in continuation of FCCPC’s nationwide advocacy against exploitative pricing in the market.

There was a packed audience comprising industry captains, MSMEs, market leaders, farmers, transporters, service providers and non-governmental organizations (NGOs).

They came together to work on ways to end rising commodity prices and market price exploitation.

The EVC/CEO of the Commission believes that the poultry cartel is dictating prices to small farmers to sell their produce.

He said this was the reason why product prices were high despite the government’s support to the poultry industry.

Mr. Bello added that price fixing, gouging and other anti-market practices are against the law and sanctions will be imposed on perpetrators.

Price fixing did not only apply to the poultry industry; Cartels in the packaging industry take advantage of this situation, causing the prices of beverages in recyclable packages to be high.

He appealed to the business community in Akwa Ibom to collaborate with the FCCPC to stop exploitative pricing as well as sterilize the markets.

Consumers complained about the impact of the ridiculous increase in prices on their businesses, finances and livelihoods and called for urgent government intervention.

He hoped that with such involvement of critical stakeholders, exploitative pricing would be checked and controlled in the country and commodity prices would become affordable for Nigerians.