The Federal Competition and Consumer Protection Commission (FCCPC) has identified grain hoarders as a major factor behind Nigeria’s rising food inflation. According to the FCCPC Executive Vice Chairman, Tunji Bello, investigations revealed that merchants are stockpiling newly harvested grains to create artificial scarcity, thereby inflating food prices. This statement was made during a town hall meeting in Kano on Wednesday.
Bello highlighted that some merchants go as far as smuggling these hoarded grains across the country’s borders, selling them at higher prices, which further threatens Nigeria’s food security. He urged industry stakeholders in Kano to work together to combat such unethical practices, which harm consumers.
The event in Kano follows similar meetings in Abuja and Lagos, where the FCCPC discussed anti-consumer practices with market participants. Bello stressed that only a few actors are involved, but the responsibility to ensure fair pricing is collective.
He also pointed out other unethical practices, such as price-fixing and market associations charging entry fees, which add to inflationary pressures.
Bello expressed optimism that President Bola Tinubu is working to address the concerns raised by stakeholders, noting recent government reforms, such as the removal of Value Added Tax (VAT) on pharmaceutical products and tax exemptions for small enterprises and public transportation, as part of efforts to ease economic hardships.
