The FCCPC has identified grain hoarders and smugglers as major factors behind rising food prices in Nigeria. These unethical practices create artificial scarcity and inflate costs. The FCCPC urges collaboration from industry stakeholders to curb inflation and highlights government measures to ease the economic burden on Nigerians.
The Federal Competition and Consumer Protection Commission (FCCPC) has identified grain hoarders and smugglers as key contributors to rising food prices in Nigeria. At a recent town hall meeting in Kano, FCCPC Executive Vice Chairman, Tunji Bello, revealed that some merchants are storing newly harvested grains to create artificial shortages, leading to food inflation. Additionally, some of these merchants smuggle the grains across borders for higher profits, further endangering Nigeria's food security.
Bello called on local stakeholders, including farmers, market leaders, and transporters, to collaborate in ending these unethical practices. He emphasized that while only a few are involved, collective efforts are essential to ensure fair pricing for consumers.
The FCCPC also highlighted other unethical market activities, such as price fixing and the imposition of levies by market associations. Although the FCCPC Act allows for severe penalties, including fines and imprisonment, Bello noted that the commission prefers to engage in dialogue to resolve these issues.
He also mentioned government efforts, led by President Bola Tinubu, to ease economic challenges through tax reductions on pharmaceuticals and transport incentives. Bello encouraged stakeholders to ensure that these government concessions benefit the public directly.
