FCCPC blames grain hoarders for rising food inflation in Nigeria
NIGERIA – The Federal Competition and Consumer Protection Commission (FCCPC) has highlighted grain hoarding as a significant factor in Nigeria’s food inflation crisis, accusing some merchants of intentionally creating artificial scarcity to drive up prices.
This announcement was made during a town hall meeting held at the Afficent Centre in Kano on Wednesday, where FCCPC Executive Vice Chairman and CEO, Tunji Bello, called on agricultural stakeholders to help tackle these unethical practices.
Bello revealed that the FCCPC’s investigations had uncovered a troubling trend: some merchants are stockpiling freshly harvested grains to limit supply and increase prices.
This tactic, he explained, not only raises costs for consumers but also threatens national food security, as hoarded grains are often smuggled across Nigeria’s borders to exploit higher regional prices.
“These unscrupulous actors show little regard for the impact of their actions on ordinary Nigerians. By hoarding and smuggling grains, they are inflating food prices and jeopardizing food security,” said Bello.
He urged the agricultural sector to help curb these practices, stressing that only a few “bad actors” are responsible for these detrimental behaviors.
The town hall in Kano follows similar meetings held in Abuja and Lagos as part of the FCCPC’s nationwide campaign against anti-consumer practices.
Bello emphasized the need for stakeholders’ cooperation to ensure fair pricing in the market.
In addition to grain hoarding, Bello pointed out other damaging behaviors, such as price-fixing and market associations imposing entrance levies.
Despite existing penalties under the FCCPC Act, the commission is initially opting for dialogue, hoping to resolve these issues amicably “in the spirit of democracy.”
He also acknowledged President Bola Tinubu’s initiatives to address inflation and reduce the strain of economic reforms on Nigerians.
“We have a President who listens and cares deeply about the people’s welfare,” Bello said, adding that measures such as zero VAT and excise duties are aimed at lessening economic pressure on citizens.
The FCCPC’s campaign will continue as it seeks further cooperation from industry players to protect consumers and stabilize Nigeria’s food prices.
Through dialogue and stakeholder involvement, the commission aims to curb practices that hurt consumers and the economy, advancing its mission to uphold fair trade and competitive pricing in Nigeria.
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