The Federal Competition and Consumer Protection Commission (FCCPC) Executive Vice Chairman/CEO, Tunji Bello, has identified grain hoarders as a key factor contributing to rising food inflation in Nigeria.
- Bello made this statement during a town hall meeting with key industry stakeholders in Kano on Wednesday, as reported by Naija News.
- At the Afficent Centre, he revealed that FCCPC investigators uncovered a concerning trend where merchants are stockpiling newly harvested grains to create artificial scarcity, which in turn drives up food prices.
- “Some of these unscrupulous actors, without concern for the impact on fellow citizens, go as far as smuggling hoarded food across the borders to sell at higher prices, further threatening national food security,” Bello stated.
This event in Kano is part of the FCCPC’s ongoing efforts to address anti-consumer practices, following similar sessions held in Abuja and Lagos. During the meeting, Bello urged cooperation among stakeholders in Kano to combat these detrimental activities. He emphasized that while only a minority are involved in unethical practices, it is a collective responsibility to ensure fair pricing of goods and services.“We are not accusing everyone. The unethical practices are limited to a few bad actors. However, it is our collective duty to work together for reasonable pricing,” Bello stated. He also noted that although the FCCPC Act permits penalties, the commission is prioritizing dialogue “in the spirit of democracy.”
