Exposed! FCCPC reveals cabals behind increase in rice, beans, other food prices

• The FCCPC claimed that market cartels and transportation-related problems are to blame for the nation's rising food prices
• This is according to investigations conducted the commission amid the persistent increase in food prices across the country
• The committee has begun to convene sessions for advocacy with notable market executives and managers

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

The country’s growing food prices are due to market cartels and transportation issues, according to the Federal Competition and Consumer Protection Commission (FCCPC).

FCCPC said that increasing food prices are caused by transportation and some market cartels. Photo Credit: Monkeybusinessimages
Source: Getty Images

The revelation was made on Thursday in Abuja at a hybrid engagement with consumer protection and civil society organizations. The event was titled, "Collaboration for Competition and Consumer Protection,"

Speaking on the development, the commission's acting executive vice chairman, Adamu Abdullahi in a Daily Trust report said,

“FCCPC conducted a market survey and we also did our market study and found out the current rise in food prices are due to some factors. One is the transportation of food items from one point to another. “For instance, if you carry a trailer load of food items from Yobe to Port Harcourt, you have to keep at least N100,000 for checkpoint payments and other task forces along the roads and also the bad roads are contributing.“Also, we discovered that every market has associations that are now turning into cartels determining prices of food items and also deciding who sells in the market. So, if you as a farmer bring your yam from Benue State you won’t be allowed to enter a market in Abuja to sell and they also meet to fix prices.”

Regarding the actions of the FCCPC, the acting EVC stated that the commission has started holding advocacy meetings with significant market managers and leaders in order to inform them of the law's provisions as most of them are unaware of the implications.

FG moves to crash prices of Rice, others

Legit.ng reported that Nigerian food importers now have free reign to bring food into the nation thanks to a government directive.

According to Abubakar Kyari, Nigeria's Minister of Agriculture and Food Security, the country's government has approved almost N2 trillion to combat food inflation.

According to the minister, the government has also approved a 150-day window during which food commodities can be imported duty-free. This means that some goods can be imported under the program over both land and maritime borders.

Source: Legit.ng