The Federal Competition and Consumer Protection Commission (FCCPC) has made a startling revelation of how cartels in the poultry and packaging industries manipulate the market to keep prices high despite government’s interventions.
The Commission’s EVC/CEO, Tunji Bello disclosed this at a stakeholders meeting in Uyo in continuation of FCCPC nationwide advocacy against exploitative pricing in the market.
It was a packed audience with captain of industry, MSMEs, market leaders, farmers, transporters, service providers and non-governmental organisations (NGOs).
They gathered to engage on the growing prices of commodities and ways to end exploitation in market prices.
The EVC/CEO of the commission believes the poultry cartel are dictating the prices for the smallholders to sell their products.
He said that is why prices of products are high despite government’s supports to the poultry industry.
Mr. Bello added that price fixing, gouging and other anti market practices are against the law and perpetrators will be sanctioned.
The price fixing was not only in the poultry industry; cartels in the packaging sector are taking advantage of the situation and this has led to high price of drinks in recyclable packs.
He called on the business community in Akwa Ibom to collaborate with FCCPC to curb exploitative pricing as well as sanitize the markets.
The consumers on their part complained about the impact of the ridiculous increase in prices on their businesses, finances and livelihoods, and call for urgent government interventions.
With critical stakeholders engagement like this, it hoped that exploitative pricing will be checked and controlled in the country, and the prices of commodities will become affordable for Nigerians.
