NEWS

FCCPC Uncovers Cartel Inflating Goods Prices Nationwide

The Federal Competition and Consumer Protection Commission (FCCPC) has raised concerns over a ‘cartel’ inflating market prices nationwide, undermining government efforts to stabilize costs for goods and services.

Speaking to stakeholders at a one-day engagement on exploitative pricing in Uyo, Akwa Ibom State, FCCPC CEO Mr. Tunji Bello shared that investigations in key cities have exposed alarming practices.

In the poultry sector, Bello highlighted how influential players are dictating prices, severely impacting smaller producers. “Small poultry owners previously sold a day-old chick for between N480 and N590 and still made a profit. However, the entry of two major market players changed that,” he stated, choosing to withhold their names for now.

He explained that these entities infused significant capital into the market, ultimately gaining control of 80 to 90 percent of the poultry sector.

“These big players used their financial clout to hijack the local poultry farmers’ association, mandating that day-old chicks be sold at N1,350, which contradicts the economic principle that greater production typically lowers prices,” he added.

Bello stressed that this price manipulation keeps costs high despite government support for the poultry industry. Over the past year, the Federal Ministry of Agriculture and Food Security has aided poultry farmers nationwide with broilers, vitamins, feeds, and financial assistance across Nigeria’s six geopolitical zones.

He also highlighted exploitative pricing in the packaging sector, identifying a cartel of five major players who dominate the import and supply of packaging materials.

“They operate in a mafia-like manner. If you attempt to negotiate with one, they tip off the others, ensuring uniform pricing,” Bello lamented.

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