The CEO of FCCPC, Babatunde Irukera, emphasized on Tuesday the commission’s determination to combat arbitrary price increases by trade associations for essential food items.

During a high-level forum focused on fair food prices in Nigeria, Irukera highlighted the government’s commitment to preventing anti-competitive practices and unreasonable price hikes.

He stated that FCCPC will closely monitor the market, intervening where necessary to address excessive pricing, exploitative conduct, and consumer exploitation.

The commission aims to dismantle trade unions acting as cartels that manipulate prices and restrict access to essential commodities.

Irukera stressed the significance of regulating both formal and informal sectors in achieving fair competition and consumer protection.

The move comes amidst rising food inflation and President Bola Tinubu’s recent declaration of a state of emergency on food insecurity, signaling the need to address price stability and combat food inflation.