FCCPC survey finds traders blaming insecurity, and fuel subsidy removal for soaring food prices, citing the impact on farming, and transportation costs as key drivers.
The rising cost of food in Nigeria has become a pressing concern for consumers, prompting the Federal Competition and Consumer Protection Commission (FCCPC) to conduct a nationwide survey to identify the root causes behind the persistent hike in prices. According to the findings, traders in major food markets have cited insecurity and the removal of fuel subsidies as the primary factors driving the surge in food costs.
In a bid to gather firsthand insights, the FCCPC embarked on a fact-finding mission, engaging with traders' associations and marketers across the country. During a tour of major markets in Lagos State, including Mile 12 International Market, Ketu, and Ilepo Market, the head of the FCCPC in the state, Mrs. Sussie Onwuka, emphasized the commission's mandate to protect consumers and advise the government on appropriate policy measures.
"And because of our mandate to protect the consumer and to also advise the government, we have to conduct an investigation and come up with a report that would help the government put good policies in place," Onwuka said, highlighting the importance of gathering accurate information from the source.
The commission's interactions with market stakeholders revealed a recurring theme: the impact of insecurity on agricultural production and transportation costs. According to Onwuka, traders cited insecurity as a major complaint, with farmers unable to access their farmlands due to safety concerns. Additionally, fuel scarcity has driven up transportation costs, which are ultimately passed on to consumers through higher food prices.
"From what the people we have spoken to said, the major complaint is the insecurity in the country. The farmers can't go to the farm; fuel scarcity has made the cost of transportation go up, and the costs are added to the cost of the goods," Onwuka explained, underscoring the ripple effect of these challenges on food affordability.
The FCCPC's findings have shed light on the multifaceted nature of the issue, highlighting the need for a comprehensive approach to address insecurity, revamp agricultural production, and tackle the challenges posed by fuel scarcity and transportation costs.
