Reps urge FG to investigate exploitative pricing practices by foreign businesses

The House of Representatives has called on the Federal Government to investigate allegations of exploitative and predatory pricing practices by foreign businesses operating in Nigeria, particularly in the aviation and oil sectors.

Recall that the motion, moved by Rep. Babajimi Benson, noted that international business ethics and standards require businesses to operate in a fair, healthy, and efficient manner, promoting economic efficiency and protecting consumer interests.

However, some Nigerian businesses have suffered unfair competition and business relations with their foreign counterparts.

“As soon as Air Peace Airlines commenced the sale of their tickets at a lower price, other airlines dropped their prices far below that of Air Peace Airlines, supposedly with the intention of frustrating Air Peace Airlines’ London route operations,” Benson said.

He also alleged that Dangote Oil Refinery and Petrochemicals Company is being frustrated by International Oil Companies in Nigeria through denial of crude and unfair business practices.

The House urged the Federal Competition and Consumer Protection Commission to halt the unfair business practices and mandated the relevant committees to investigate the circumstances surrounding the predatory pricing practices and report within four weeks for further legislative action.

“We are worried that these acts of unfair and unfavourable businesses have led to the closure of some erstwhile thriving businesses that provided better alternatives to Nigerian customers at cheaper prices.

“If left unchecked, Nigerian businesses like Air Peace Airlines will continue to suffer these unfair competitive practices that will adversely affect their operation and the ability of customers to get quality services at affordable prices,” Benson added.