The Federal Competition and Consumer Protection Commission, FCCPC, has blamed the increasing hike on food stuffs prices across the country to the activities of hoarders and smugglers.
This was contained in a statement by the Executive Vice Chairman, EVC, of FCCPC, Tunji Bello, on Wednesday. He made the disclosure during a town hall meeting with industry leaders, micro, small and medium enterprises (MSMEs), market heads, farmers, transporters, and service providers in Kano.
The meeting is an effort by FCCPC towards curbing anti-consumer practices across the country.
Recall that similar meetings had been held by the Commission in Abuja and Lagos.
Speaking at the meeting, Bello revealed that FCCPC investigators had discovered that some “unscrupulous grain merchants” were stockpiling newly harvested grains in warehouses. Thereby creating artificial scarcity, exacerbating food inflation in Nigeria.
He said, “Without caring for the consequences of their action on fellow countrymen and women, some of these unscrupulous actors go as far as taking some of the food items they had mopped up from the farmers or the markets and smuggling them across the borders to sell at premium, thereby endangering our national food security.”
Bello, therefore, appealed to the Kano stakeholders to collaborate in ending unethical practices. He urged them to contribute in the fight to lower price inflation in the national interest.
He said, “Don’t get us wrong; we are by no means saying everyone is guilty here. We only have few bad eggs involved in such unethical practices.”
“It is, therefore, our collective responsibility to work together to achieve reasonable pricing of goods and services. Especially at a time the country is undergoing bold economic reforms which may bring temporary discomfort today. But will definitely usher a better economy for us tomorrow,” he said.
In addition to grain hoarding, the FCCPC boss also identified price fixing and artificial barriers imposed by market associations. He gave example of these as entrance levies, among other. He described them unethical practices that are contributing to food inflation.
Bello, however, warned that the FCCPC Act prescribes severe penalties for the activities. He said they include fines and jail terms for offenders.
The FCCPC boss stated that the Commission prefers to begin with dialogue, in the “spirit of democracy”.
source: The Cable
Follow us for more news on our WhatsApp News Channels @
https://whatsapp.com/channel/0029VaC505jB4hdZ5Yx9g82U
