Hoarders among key drivers of food inflation — FCCPC

Hoarders of grains have been identified as significant contributors to food inflation in the country.

Mr Tunji Bello, the Executive Vice Chairman and CEO of the Federal Competition and Consumer Protection Commission (FCCPC), stated this during a town hall meeting in Kano on Wednesday, which included industry leaders, MSMEs, market representatives, farmers, transporters and service providers.

Bello noted that the commission’s investigations revealed that certain unscrupulous merchants were stockpiling newly harvested grains in warehouses to create artificial scarcity, and exacerbate the ongoing food inflation crisis.

“Some of these unethical actors, indifferent to the impact of their actions on fellow citizens, go so far as to smuggle the food items they have hoarded from farmers or markets across borders to sell at inflated prices, thereby jeopardising our national food security,” he said.

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The town hall meeting followed previous interactive sessions held in Abuja and Lagos by the FCCPC, aimed at engaging stakeholders in the production and distribution chain as part of its renewed efforts to combat anti-consumer practices nationwide.

Bello urged the stakeholders in Kano to join forces in addressing these harmful practices in the interest of the nation.

“We are not suggesting that everyone is at fault. Only a few bad actors are engaged in these unethical behaviours. It is our collective responsibility to work together to ensure fair pricing of goods and services, particularly during this period of significant economic reforms,” he added.