FCCPC to probe market leaders over exploitive food prices in Nigeria

The Federal Competition and Consumer Protection Commission has vowed to probe marketplace leaders crossed the state implicit exploitative nutrient prices.

The Executive Vice Chairman/Chief Executive Officer disclosed this successful a connection connected Monday.

The committee said the determination is nether its constitution Act 2028 Sections 17(l) (s),116 (2),124,125,138 and 155.

The connection read, ‘This is to checkmate exploitative pricing of user goods successful Nigeria.

“While it is recognized that the speech complaint has impacted the worth of the Naira, it is, however, observed that prices charged are, successful astir cases, disproportionate for imported products and excessive for locally produced ones.

“This unfair signifier is prevalent successful the retail conception of the organisation concatenation wherever immoderate marketplace associations are engaged successful terms fixing astatine the disbursal of consumers.

“Working with the marketplace leaders, the Commission believes an knowing tin beryllium reached connected tenable pricing of products to eschew undue profiteering astatine the disbursal of consumers astatine a clip of economical challenges.

“Such enactment volition beryllium sustained by the Commission to foster a amended marketplace civilization that makes allowance for the trader’s borderline without leaving buyers exploited”, helium said.

Recall that Nigeria’s nutrient ostentation accrued to 40.87 percent successful June 2024, according to the National Bureau of Statistics.

This is arsenic July’s study connected user terms scale and ostentation is expected to beryllium released successful days.

FCCPC to probe marketplace leaders implicit exploitive nutrient prices successful Nigeria