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.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Nigeria’s goods, non-oil exports grew to $55bn in 2023 – Finance Minister, EdunThe Minister of Finance, Wale Edun, says Nigeria's goods and non-oil exports grew to $55 billion in 2023. Edun disclosed this on Tuesday at the end of the inaugural meeting of the Council of State convened by President Bola Tinubu at the Aso Rock Villa, Abuja.
Source: DailyPostNGR - 🏆 11. / 59 Read more »

Fire ravages goods worth millions of naira in another Ibadan marketProperty and goods worth millions of naira have been destroyed as a result of fire incident that occurred in another market in Ibadan, the Oyo State capital. DAILY POST gathered on Monday that some shops were affected when an inferno occurred at Gbaremu market in Ibadan on Saturday.
Source: DailyPostNGR - 🏆 11. / 59 Read more »

Fuel Hike: Impact on business, goods, services will be severeThe Lagos Chamber of Commerce and Industry, LCCI has said the hike in fuel price from N568 to N855 would trigger widespread price increases, potentially reversing the recent ease in inflation.
Source: DailyPostNGR - 🏆 11. / 59 Read more »