Federal Government sets to sanction trade associations over food price hike
Written by Joey Shekwonuzhibo on July 19, 2023
The Federal Government, through the Federal Competition and Consumer Protection Commission, will begin to roll out sanctions against members of trade associations guilty of anti-competitive practices, indiscriminate and irrational hike of food prices.
Chief Executive Officer of the FCCPC, Babatunde Irukera, said this during a forum organised by the commission to discuss fair food prices.
According to Irukera, some trade unions had constituted cartels to engage in anti-competitive practices that have led to price defect of basic food items.
He noted that 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.