The Federal Competition and Consumer Protection Commission (FCCPC) has initiated nationwide inquiries to investigate the reasons behind the rising food prices in Nigerian markets.
The aim is to propose recommendations to the federal government on how to address the ongoing food crisis.
In pursuit of this objective, Ms. Suzzy Onwuka, the Head of FCCPC, Lagos Office, led a team of investigators to engage with marketers and traders’ associations in Lagos State. The goal was to identify the factors contributing to the continuous surge in food prices.
Similarly, the FCCPC team, led by Uchegbu Chukwuma, the South-South Zonal Coordinator, conducted fact-finding interactions with traders’ associations and marketers in Rivers State to understand the underlying causes of the escalating food prices.
In Lagos, the fact-finding inquiry took place at the Mile 12 International Perishable Market and the Oke-Odo Market in Agbado/Oke-Odo Local Council Development Area (LCDA). According to Onwuka, the mission was to gather information directly from the sources and stakeholders, including the executives of market unions, sellers, and consumers in these major food markets.
The FCCPC's surveillance efforts have suggested that participants in the food chain and distribution sector, including wholesalers and retailers, may be involved in conspiracy, price gauging, hoarding, and other unfair tactics. These practices are allegedly distorting competition in the market, restricting food supply, and inflating prices in an indiscriminate manner, which are illegal under the FCCPA.
Following the inquiry, the commission will develop a concise report and make recommendations to the government in accordance with Section 17(b) of the FCCPA. The goal is to initiate broad-based policies and review economic activities in Nigeria to identify and address anti-competitive, anti-consumer protection, and restrictive practices, making markets more competitive while ensuring fair pricing for consumers.
During interactions with the FCCPC team, Chairman Shehu Usman Jibril of the Mile 12 International Perishable Market attributed the soaring food prices to insecurity, which has displaced many farmers from their farms to Internally Displaced Persons (IDPs) camps, leading to a significant drop in food supply.
In addition, Mr. Olatunji Majester, the Secretary General of Oke-Odo Market in Agbado/Oke-Odo LCDA, pointed out that insecurity and the high cost of haulage due to the removal of petrol subsidies and expensive diesel have contributed to the skyrocketing food prices.
Traders in Rivers State also expressed concerns about the increasing challenges in the country. They urged the government to intervene and address the food crisis.
The FCCPC's priority is to address key consumer protection and competition issues affecting the prices of commodities in the food sector. The commission will continue to work towards making markets more competitive and ensuring fair pricing for consumers.
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