Rallies A’Ibom market leaders against exploitative pricing  

The Federal Competition and Consumer Protection Commission (FCCPC) has decried the manipulation of the market by a ‘cartel’ in the poultry industry to keep prices high in the country.

According to the commission, the packaging industries are not left out of the manipulation despite the government’s interventions towards price stability. It therefore called on market leaders and other stakeholders in Akwa Ibom State and other parts of the country to help reverse the narrative.

Chief Executive Officer of FCCPC, Tunji Bello, made this known at a stakeholders’ meeting in Uyo, in continuation of the commission’s nationwide advocacy against exploitative pricing. FCCPC had hosted similar engagements in many states of the federation.

The CEO’s pronouncement in Uyo was based on the investigation it had carried out nationwide. According to Bello, the poultry cartel consisting of big holders dictates the price for the smallholders to sell their products.

Revealing the commission’s findings in one of the major cities, the FCCPC boss said: “The small poultry owners used to sell a day-old chick for between N480 and N590 and they still made a profit; but not after the arrival of two big players in the market. I choose to withhold their names at this point.

“The big players brought in big money and expanded the market, and expectedly they were soon in a position to control 80 to 90 per cent of the poultry market in the city.”

Addressing the participants consisting of  industry captains, Micro, Small and Medium Enterprises (MSMEs), market leaders, farmers, transporters, service providers and non-governmental organisations (NGOs).