A recent survey by the Federal Competition and Consumer Protection Commission (FCCPC) has shed light on the reasons behind the escalating food prices in major markets across Nigeria. Traders in these markets attribute the rising costs to insecurity and the removal of fuel subsidies.
The FCCPC conducted this survey to identify the primary factors contributing to the continuous surge in food prices, aiming to provide insights for effective policymaking by the government.
During visits to prominent markets in Lagos State, including Mile 12 International Market, Ketu, and Ilepo Market, the Head of FCCPC in the state, Mrs. Sussie Onwuka, emphasized the investigative nature of the exercise. She highlighted ongoing interactions with traders to compile a comprehensive report for the government’s consideration.
According to Mrs. Onwuka, traders expressed concerns about the prevalent insecurity, which disrupts farming activities, leading to reduced agricultural output. Additionally, fuel scarcity has escalated transportation costs, further inflating the prices of food items. Factors like adverse weather conditions also contribute to the hike in food prices.
The Chairman of Mile 12 International Market, Shehu Jibril, echoed these sentiments, underscoring the importance of addressing insecurity to enable farmers, particularly those in internally displaced persons camps, to resume farming activities.
Mr. Jibril mentioned ongoing discussions with the Lagos State Government to secure farmland for displaced farmers, emphasizing the need for collaboration to mitigate the effects of food price hikes.
Similarly, the General Secretary of Ilepo Market, Olatunji Majester, emphasized the impact of insecurity on food prices, highlighting additional logistics costs such as fuel and transportation expenses.
As Nigeria grapples with a food inflation rate of 40.53 percent, according to the National Bureau of Statistics, addressing the underlying causes, particularly insecurity and transportation challenges, becomes imperative to stabilize food prices and ensure food security for the populace.
