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FCCPC, NSDC partner to curb rising cost of sugar, promote Competition

by Business News Report

The Federal Competition and Consumer Protection Commission, and the National Sugar Development Council have agreed to  partner in order to encourage local competition in the sugar market for effective consumer protection. This was one of the resolution of a meeting held between the Executive Vice Chairman of the FCCPC, Mr Babatunde Irukera, and the Executive Secretary of the NSDC, Mr Kamar Barkin. Speaking at the meeting, Irukere said the collaboration was vital as it would help to promote healthy competition in the sugar industry. This, he said was vital to ensure that consumers are protected from unfair practices by sugar companies.

Irukera said the collaboration would also come through information sharing from feedback obtained from field works done by the Commission. The FCCPC Boss added that businesses benefit and survive from a well-regulated competitive market, adding that this was what informed the decision of the Commission to partner with the Sugar Council. He said, “Our own work is to ensure that whether imported or locally produced, that consumers get good quality stuff, have choices and get it at the best possible price. “It is time for some significant constructive collaboration. I strongly believe that the kind of feedback we get from the work we do will be of help to you.

“This thing (sugar) is costing a lot, we must do something about it. One of the most staple things in food is sugar. Our law prohibits any coordination between businesses with respect to commercially sensitive strategies information or aspects of it. That type of coordination is a crime because it is a cartel. Your role is to regulate price. You absolutely take this economy wrong if you underestimate the role cost of sugar.” Also speaking, Barkin said the mandate of the council was to support the development of sugar projects to drive self-sufficiency. He said that the council would collaborate with the FCCPC to ensure discipline in the market. ”There is a strong nexus between FCCPC activities and our essentially regulated and oversight activities. It is in this area that we will be seeing collaboration going forward in terms of ensuring discipline in the market and that the consumer gets what he deserves.”

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