The federal government has said grain hoarders in the country are to blame for the high food inflation being witnessed in the country.
Executive Vice Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), Tunji Bello, while speaking at a town hall meeting in Kano, said FCCPC investigators had discovered that some merchants were stockpiling newly harvested grains in warehouses to create artificial scarcity.
This practice, according to him, was worsening the country’s food inflation crisis.
“Without considering the impact on their fellow citizens, some unscrupulous actors have been hoarding food supplies and even smuggling them across borders to sell at higher prices, compromising our national food security,” Bello stated.
He urged the Kano stakeholders, which included industry leaders, MSMEs, farmers, market heads, and transporters, to collaborate in curbing these unethical practices.
Bello noted that only a small number of bad actors were involved but emphasised the importance of collective action to ensure fair pricing of goods and services, particularly as Nigeria undergoes economic reforms that, while challenging today, are expected to improve the economy in the future.
Bello also pointed out other unethical practices such as price fixing and the creation of artificial barriers like entrance levies imposed by market associations.
While the FCCPC Act prescribes stiff penalties, including heavy fines and jail terms for offenders, Bello said the Commission is prioritising dialogue in the spirit of democracy.
He also highlighted the positive outcomes from earlier engagements in Abuja and Lagos, noting that President Bola Tinubu has already responded to stakeholder concerns with new policies aimed at easing the economic burden.