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 […]
Tag archives: food inflation
Rising Costs Undermine Nigeria’s Plans to Reduce Food Prices
The Nigerian government’s plans to lower food prices by removing taxes and import duties on basic food items are facing significant setbacks. The average price of imported food rose to 878.3 in September 2024, a worrying increase reflecting ongoing economic challenges. In July, the government announced a 150-day duty-free import window for essential commodities like […]