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Naira’s Revalution: Consumer Protection Commission Investigates Soaring Food Prices

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ABUJA, Nigeria – In a determined bid to address the persistent rise in food prices across Nigeria, the Federal Competition and Consumer Protection Commission, FCCPC, has launched a series of fact-finding engagements with traders’ associations and market leaders.

The initiative, spearheaded by the Commission’s Director of Surveillance and Investigations, Boladale Adeyinka, aims to unearth the underlying causes of the inflationary trend and develop strategies to stabilize prices.

The move comes amid growing public concern over the cost of living which remains high despite the recent appreciation of the naira.

Speaking from Masaka village market in Karu Local Government Area, Nasarawa State, Adeyinka highlighted the factors contributing to the price surge, including high transportation costs, multiple taxation, and the rising cost of pesticides, all compounded by ongoing security challenges.

The FCCPC’s investigations have already pinpointed transportation and taxation as major drivers of food prices.

Adeyinka announced plans to compile a detailed report on these multiple taxes to advise the government on potential tax reductions or eliminations, aiming to ease the financial burden on consumers.

The market’s General Chairman, Chief Danlami Gimba, corroborated these findings, noting that transportation expenses play a significant role in the price increases.

He urged the government to consider lowering fuel prices to help reduce transportation costs, which he believes will, in turn, lower food prices.

Market interactions have revealed a ripple effect of these high costs on consumers.

Naomi Zakari, a yam dealer, reported a dramatic increase in prices from suppliers, with costs tripling due to escalated expenses for pesticides, fertilizers, and transport.

The situation is similarly dire in other parts of the country, with reports from Jos, Abeokuta, Ilorin, Ibadan, Kano, Osogbo, and Owerri indicating that despite some fluctuations, prices for essential goods, particularly food items, remain out of reach for many Nigerians.

Amid these economic challenges, the Coalition of Northern Groups, CNG, has voiced its frustration over the sustained high prices, despite a notable appreciation in the naira’s value.

The group criticized businesses for maintaining high prices, describing the practice as “unpatriotic” and harmful to low-income families.

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