The Federal Competition and Consumer Protection Commission (FCCPC) has blamed market associations in Nigeria for the ongoing increase in food prices.
FCCPC said insecurity is a major issue, but some market groups have also become too powerful, controlling the supply and prices of food.
Acting Executive Vice Chairman of the FCCPC, Dr. Adamu Abdullahi, spoke about this in a webinar with Non-Governmental Organisations (NGOs) and Consumer Protection Groups (CPGs). He said the Commission is working to stop unfair market practices.
Dr. Abdullahi also said the Commission found that some market associations prevent non-members from selling, creating shortages and driving up prices.
“Every market now has associations for different products. Farmers who are not members of the association are prevented from entering the market, which defeats the essence of a market. These associations have evolved into cartels and they now decide the price of food products.
“But they go beyond price fixing. Now they decide the rate of food supply into the market to create scarcity and inflate the price of available products.
“These are issues we have found out and have taken action against. We have warned the Abuja Market Management and the Chairman of the Local government on the association practices which are against the law,” Dr. Abdullahi said.
News Central reports that Nigerians are struggling with the skyrocketing prices of essential foods and services.
The alarming rise in food costs is said to be mainly due to the depreciation of the naira, conflicts in food-producing regions, and increasing transportation expenses.
The Nigerian Government has announced measures to tackle these high food prices and expects a decrease within the next 180 days, by January 2025.