The Federal Competition and Consumer Protection Commission (FCCPC) has launched a thorough nationwide investigation into the ongoing rise in food prices. The investigation began with the FCCPC engaging with traders’ associations, marketers, and consumers at markets in Lagos to discern the root causes of the continuous price increases.
During visits to the Mile 12 and Ile Epo markets, the FCCPC’s Acting Executive Vice Chairman, Dr. Adamu Abdullahi, represented by Suzie Onwuka, head of the FCCPC Lagos Office, revealed that preliminary findings suggest the involvement of some food supply chain participants, including wholesalers and retailers, in practices like price gouging and hoarding.
“These practices, which restrict competition and limit food supply, artificially inflating prices, are illegal under the Federal Competition and Consumer Protection Act (FCCPA),” Abdullahi said. He emphasized that the commission’s goal is to open markets and tackle major consumer protection and competition issues impacting food prices.
Upon concluding the inquiry, the FCCPC intends to compile a comprehensive report with recommendations for government intervention, under Section 17(b) of the FCCPA. The commission also plans to suggest broad-based policies to review and regulate economic activities to eradicate anti-competitive and anti-consumer protection practices.
The proactive measures by the FCCPC highlight its commitment to protecting consumers and ensuring a fair market environment amid increasing concerns about food affordability and accessibility in Nigeria.
The chairman of the Mile 12 International Market, Shehu Usman Jibril, countered claims of price inflation by retailers, attributing high costs to significant expenses involved in procuring goods. “The cost of a basket of tomatoes can reach up to N100,000. Retailers have to cover their costs to avoid losses, considering they also face expenses like rent, school fees, and transportation,” Jibril explained.
Additionally, Jibril pointed to broader issues such as security challenges affecting food production, noting that banditry has severely impacted farmers’ ability to produce food. He stressed the importance of providing security for continued farming and a stable food supply and the necessity for local farming to sustain Lagos’s growing population, which now exceeds 22 million.