High Food Prices: FG To Disband Trade Market Unions? Fresh Details Emerge

Mar 14, 2024 | Entertainment, News

  • The rising cost of essential food items has sparked debate on possible solutions to curb the situation
  • The Federal Competition and Consumer Protection Commission (FCCPC) has suggested disbanding trade market associations
  • These associations are presumed to be the hell-hound and daredevils behind Nigeria’s unfair rising cost of food items

Legit.ng journalist Segun Adeyemi has over 9 years of experience covering political events, civil societies, courts, and metro

The Federal Competition and Consumer Protection Commission (FCCPC) advocates for eliminating trade market associations to ensure stability in food prices across our markets.

Dr Adamu Abdullahi, the Executive Vice Chairman of FCCPC, highlighted this during a discussion with journalists in Abuja on Monday alongside Consumer International.

The FCCPC are proposing the elimination of trade market associations.
The high cost of essential food items has been a major concern in Nigeria over the past few months. Photo Credit: Segun Adeyemi
Source: Original

He emphasised the necessity for practical solutions through collaborative efforts, pointing out that the government’s significant oversight has been its failure to implement anti-competitive policies before integrating our economy.

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He also warned about the theft of food items from warehouses and the interception of food trucks, indicating these actions pose severe threats to the nation.

He clarified that while the FCCPC doesn’t directly control market prices, its role is to guide the government in ensuring fair pricing and protecting consumer rights.

Consumers International calls for monitoring systems

Davine Minayo, a project specialist at Consumers International, urged the FCCPC and other relevant authorities to establish a system for monitoring food prices to ensure transparency.

She emphasised the need for improved management of food loss within the supply chain.

Ms Minayo, who spoke with Legit.ng on Tuesday, March 12, disclosed that research and data gathering regarding the prices of necessary food items across various Nigerian states had been completed.

The Kenyan said:

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“We are still analyzing the data, trying to look at how the price is building up from the farm gate to the retail price, which is the consumer price.

“And this is once we do the analysis and we can showcase the data build-up.

“This is data that we can comfortably share with our stakeholders, including media and the government agencies.”

Ndukwe Okafor, a stakeholder, criticised the extent of corruption in subsidy programs.

Minayo also advocated for sufficient storage facilities to minimise food wastage.

Cartels, insecurity, others behind rising cost of food items in Nigeria, expert reveals

In another report, the trade and agriculture ministries have been urged to tackle imbalances in the value chain and promote fairness in the nation’s practices.

This plea also emphasises the need for cooperation among various stakeholders, urging entities to take action against anti-competitive behaviours.

Discussions are underway regarding cartels believed to be behind unjust pricing of vital food products in Nigerian markets.

Source: Legit.ng

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