FCCPC Finally Speaks on Solution to Food Price Hike, Shares Good News to Nigerians

• Nigerians are told to exercise patience by the Federal Competition and Consumer Protection Commission over food price increase
• The commission stated that it is concerned with issues that impact consumers, particularly commodity prices
• Consumers and market union representatives attributed the continuous increase in food prices to transportation expenses and instability

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

In response to the nationwide rise in food prices, the Federal Competition and Consumer Protection Commission (FCCPC) has advised Nigerians to be patient.

This was stated on Tuesday during an interactive session with traders at the Dawanau and Galadima markets in Kano, as reported by NAN.

Adamu Abdullahi, the acting executive vice chairman of the FCCPC, said that the government is making appropriate efforts to address the problem.

Read also

“Price will be cheaper”: Petrol marketers speak on condition to crash fuel cost in Nigeria

According to him, the goal of the market trips was to interact with vendors and determine the causes of the ongoing increase in food costs.

Abdullahi said,

“The hike in food prices has been a major worry to the present administration of the Renewed Hope Agenda of President Bola Tinubu and government is making efforts to ensure things get better for Nigerians.”

“After our interactions with traders, we have been able to gather some facts that will guide the commission in advising Federal Government, in line with Section 17(b) of the FCCPC Act.

“The commission’s concern is to tackle issues affecting consumers, especially prices of commodities to ensure fair market practices."

The publication stated that several customers and market union officials blamed transportation costs and insecurity for the ongoing rise in food prices.

Read also

N1bn for distribution: Bank of industry announces loan for Nigerian businesses as hardship persists

According to Abdullahi Kasarkabasu, chairman of the Galadima market's yam vendors, the high price of diesel has raised transportation costs, which has impacted the pricing of yams and other food items.

In addition, Kasarkabasu listed overall insecurity and the actions of cattle rustlers as factors that drive up food prices since they discourage cropping.

Because of security concerns, paddy rice that is supplied to rice mills from villages is now more expensive, according to Abdulkadir Umar, chairman of the Rice Dealers Association in the Dawanau market.

According to Umar, low patronage has resulted from rising procurement and processing prices for rice, with a "mudu" (measuring plate) currently costing between N3,900 and N4,200.

The chairman called on the government to boost agricultural investment by giving farmers access to enough fertilizer and other inputs as well as appropriate security.

Justina Ogedo, a consumer, appealed to the government to act fast to save Nigerians from hunger. According to him, most consumers can no longer afford a tuber of yam due to the high price.

Read also

Transport fare finally set to crash as FG unveils new plan for CNG bus

Ogedo said,

“Before now, a tuber of yam was sold for between N500 and N800, but now, it is as high as N4,000 and because of the situation, we now eat twice daily.”

In order to control food prices in the nation, Tunji Oyedotun, a different customer, urged the government to set fixed prices for goods.

Okoro Emmanuella told Legit.ng how the increasing food prices has affected herhousehold,

She said,

"Just imagine what Nigeria is turning into. We barely eat three times a day now because everyone is trying to manage. This suffering is too much. We cant't continue like this."

Sellers quote new price for Rice, Garri, others

Legit.ng reported that a recent survey shows that the price of cassava flakes, known as gari and rice, has risen by more than 50% in parts of Nigeria.

The News Agency of Nigeria (NAN) survey on Thursday, June 20, 2024, shows that food prices rose by 50% following a rise in Nigeria’s inflation and an increase in petrol.

Read also

Sanusi speaks on Dangote refinery as President Tinubu makes final decision on pump price

The survey shows that a cup of garri that sold for N150 in April now sells for N250, while a five-liter paint bucket of garri sells for between N4,000 and N4,300.

Source: Legit.ng