In a bid to tackle the persistent increase in food prices across markets, the Federal Competition and Consumer Protection Commission (FCCPC) held a meeting with market leaders and traders in Lagos. The engagement, which took place at Mile 12 Market and Oke-Odo Market, Ile-Epo, aimed to gather insights from stakeholders to understand the factors contributing to the escalating prices.
Suzie Onwuka, Head of the Lagos Office of FCCPC, explained that the commission’s investigative mission prioritizes consumer protection and competition issues, particularly regarding the affordability of food commodities. She identified insecurity, the removal of fuel subsidy, and the practice of hoarding grains as major factors influencing the rising cost of food.
Market leaders, including Shehu Usman, Chairman of the Mile 12 International Perishable Market Association, and Taofik Olorinkemi, Baba-Oja of Oke-Odo Market, emphasized the challenges posed by insecurity, high transportation costs, and the reluctance of youth to pursue farming opportunities due to modernization. They commended the federal government’s efforts to provide adequate security measures to safeguard farmers and agricultural operations.
Traders also expressed their concerns, urging the government to intervene and reduce the pains of Nigerians through intervention programs. They noted that while they feel the pains of Nigerians, they are forced to sell at cost price, emphasizing the need for a secure environment to enable effective cultivation.
The FCCPC’s engagement with market leaders and traders is a step towards addressing the persistent increase in food prices and ensuring consumer protection and competition in the market.