JUST IN: FG Discovers Why Goods Are Expensive in the Market, Makes Fresh Commitment

The Federal Government has said it has unravelled the reason behind the astronomical increase in prices of food items in the market. According to the Federal Competition and Consumer Protection Commission , cartels formed by traders in markets across the country are the main culprits behind the high prices.Speaking at a town hall meeting in Lagos on Wednesday, FCCPC Chief Executive Officer, Mr. Tunji Bello, revealed that a nationwide survey conducted by the commission led to the revelation.

“We discovered that some traders form cartels in the markets and put barriers in the form of ridiculous membership fees intended to ensure price fixing in the market. “Without joining them, they won’t allow anyone to sell goods in the market or provide services. Such practices are against the law and constitute some of the offences the Commission is against,” he said. Bello stated that the commission chose dialogue over action, despite being empowered by law to deal with offenders.

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