▪︎ The Acting Executive Vice-Chairman of FCCPC, Dr Adamu Abdullahi.
The Federal Competition and Consumer Protection Commission (FCCPC) is warming up to dissolve market associations in the country, saying that they are behind the rising cost of food items nationwide.
The Acting Executive Vice-Chairman of FCCPC, Dr Adamu Abdullahi, who gave this hint, said that although the commission was not a price control agency, it was deeply committed to addressing the rapid rise in food prices which is affecting consumers.
“The surge in food prices can be attributed to various factors, including market cartels, price fixing, hoarding and gouging or lack of transparency in pricing,” said Abdullahi.
During an event to commemorate the 2024 World Consumer Rights Day, whose theme was: “Fair and Responsible Al for Consumers,” Abdullahi, said “What we have discovered is that most products now have associations, even the sachet water producers.
“When you have your eggs that you brought from your farm to sell at Wuse market in Abuja, the association of egg sellers will tell you that you have to sell to them at cheaper rates, while they resell to consumers at higher prices.
“This has now resulted in the emergence of `cartels’ and cartels, anywhere in the world, are not acceptable.
“Our Act is against price fixing and it is not acceptable to us. We will find out about these cartels and do something about their activities.
“The Consumers International joined the efforts that gave us the inkling of how prices have rolled in Nigeria in the last three months and it is so surprising and unacceptable,” he said.
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