The Federal Competition and Consumer Protection Commission (FCCPC) has identified grain hoarders as a major driver of food inflation in Nigeria.
At a town hall meeting in Kano, Executive Vice Chairman/CEO Tunji Bello revealed that investigators found merchants stockpiling newly harvested grains to create artificial scarcity and inflate prices.
“Some unscrupulous actors smuggle food items across borders to sell at a premium, endangering national food security.
“Without caring for the consequences, they harm fellow countrymen and women,” Bello said.
Bello stressed the need for cooperation among stakeholders to curb harmful practices like price fixing and entrance levies.
He noted that while the FCCPC Act prescribes penalties, the commission seeks dialogue.
“We have a listening President in Asiwaju Bola Ahmed Tinubu. He feels for the people and shares their pains,” Bello said, highlighting government reforms like zero VAT and excise duties on pharmaceutical products and medical devices.
Bello urged stakeholders to pass government concessions to consumers, saying, “When the government assists public transportation operators, we don’t expect them to charge the same fares.”