Cartels inflating food prices in Nigeria uncovered

VAM News October 31, 2024 in National Tagged Cartels, FCCPC, Food, Nigeria - 1 Minute

THE Federal Competition and Consumer Protection Commission, FCCPC, claimed it has uncovered cartels responsible for prices of goods and food manipulation in Nigeria.

The commission’s Executive Vice Chairman, Tunji Bello, disclosed this recently while addressing stakeholders during a one-day engagement on exploitative pricing in Uyo, Akwa Ibom State.

This comes as Bello highlighted how in the poultry sector, influential players are dictating prices, severely impacting smaller producers.

“Small poultry owners previously sold a day-old chick for between N480 and N590 and still made a profit. However, the entry of two major market players changed that,” he stated, choosing to withhold their names.

“They operate in a mafia-like manner. If you attempt to negotiate with one, they tip off the others, ensuring uniform pricing,” Bello lamented.

According to him, President Bola Ahmed Tinubu’s administration’s economic interventions, including the removal of tariffs on food imports, value-added tax on pharmaceuticals and medical devices, tax waivers for businesses and public transport, and facilitating easy credit for converting vehicles from petrol to CNG, should have impacted the prices of goods and services.

“It is only fair that our businessmen and traders share the benefits of these measures with consumers through reduced prices,” Bello stated.

This comes as Nigeria’s inflation increased to 32.70 percent in September, resulting in high cost of living among Nigerians.