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 on Tuesday during a forum organised by the commission to discuss fair food prices.
The forum was titled ‘Fair food prices in Nigeria: A high-level forum for better competition’.
According to Irukera, some trade unions had constituted cartels to engage in anti-competitive practices that have led to price gouging 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