The Federal Competition and Consumer Protection Commission (FCCPC) has commenced fact-finding engagements with traders associations and marketers with a view to identifying factors responsible for the continuous hike in food prices.

Cost of living has remained relatively high across the country despite the recent appreciation of the naira and many Nigerians are wondering what could have been the cause.

The Director Surveillance and Investigations of the Commission, Ms Boladale Adeyinka, said at Masaka village market, Karu Local Government Area, Nasarawa State on Friday that the agency was determined to establish the facts and then crash the prices of food.

Adeyinka said the mission had already traced the major reasons for the high prices of food in the markets to transportation cost from the farm to the market and multiple taxation.

Also identified are high cost of pesticides and the security challenge in the country.

Adeyinka said the Commission would develop a concise report of all the multiple taxes and advise government on how to unlock, remove or reduce the taxes.

“This is a fact-finding mission, investigative mission to gather information directly from the sources. The food price campaign continues,” she said.

“We are here to find out from three levels of stakeholders market executives, sellers and consumers.

“This is a big market for direct food supply from the farms to the market so we wanted to see the value chain interacting with cost variables.

“We had a meeting with the market executives to find out if they are issuing levies, taxes, things that are added to the cost, starting from the farmer to the sellers,’’ she said.

Chief Danlami Gimba, the General Chairman, Masaka Market, Karu, said that transportation was the major cause of the hike in food prices.

Gimba appealed to government to reduce the price of petrol to help crash transportation cost which would help reduce the prices of food items.

Some traders, who spoke during the engagement, said the prices of their goods had tripled from their suppliers hence the reason for the hike of prices on consumers.

Mrs Naomi Zakari, a yam dealer at the market, said that one trip of yam containing 100 tubers that was sold to them in Benue State for N15, 000 was now being sold for N50,000.

She said the suppliers had attributed the hike in price to the high cost of pesticides, fertilizers and transportation.

Zakaria, however, appealed to the Federal Government to reduce the price of fuel.

Miss Faith Wakili, a seller of maize, said that even the dealers were also complaining of the hike in price, adding that hunger was ravaging many households.

CNG frowns at high prices of goods amidst naira appreciation

The Coalition of Northern Groups (CNG) yesterday expressed concern over the high prices of goods and services despite the recent appreciation of the naira.

The coalition, In a statement by its National Coordinator, Comrade Jamilu Aliyu Charanchi, said subjecting Nigerians to unjustifiable high prices of commodities was not only uncalled for but unpatriotic.

The CNG observed that naira has recorded a significant appreciation against the US dollar, with the exchange rate currently between N900 and N1,000 to a dollar, down from N1,900 to a dollar a few months ago.

It said: “Regrettably, businesses have maintained their fleecing of Nigerians by refusing to adjust the prices to reflect the current market reality despite the recent appreciable gain by naira.

“The CNG strongly condemns this unpatriotic act by businesses, which is causing untold hardship for Nigerians, particularly the vulnerable and low-income earners; describing it as totally unacceptable.”

It asked the Federal Government to devise a means to ensure that businesses comply with the current exchange rate and adjust their prices accordingly for the benefit of Nigerians.

It also accused some state governors of diverting public funds to engage in forex business to give the dollar an undue advantage over the naira.

Ex-Ekiti gov Oni says ongoing economic reforms ‘ll yield good results

Reviewing the situation in Imesi-Ile, Osun State on Friday, former governor of Ekiti State, Segun Oni said he foresaw an improvement in the economy soon.

“We are seeing rays of light and I can say how bright it would be still depends on how unwavering the leadership is.

“There is ray of light. The currency is appreciating. We know that Nigerians are basically opportunists; even when the currency gains more value against the dollar, people still want to sell to maximise their income.

“But I am sure that will not be long because when people see that the gap between what is obtainable and what can be obtained is too high, people will flood the market with their own goods,” Oni said at the burial of Evangelist Dorcas Olugbemi.

He advised the federal government to prevent any cartel from taking over the market space.

He said: “The government should ensure that people don’t run cartels. So if it is free market economy we will all agree, no cartel should take over, because they will influence the market so that the market will not be free.

“We can see rays of light. We don’t know whether it is the end of the tunnel, but we can see rays of light. We must be looking for a country where everybody will play by the rules.”

Price monitoring in Jos, Abeokuta, Ilorin, Ibadan, Kano, Osogbo and Owerri yesterday showed that prices of many food items and other basic needs remained relatively beyond the means of the average Nigerian; the only exception being rice.

A bag of rice that went up to N90,000 in some places a few months ago now goes for about N62,000.

In Jos, a measure of garri costs N800 while that of rice ranges between N1,700 and N2,000 and beans N1600.

The prices of grains like maize, rice, millet, garri, beans and soghum keep rising. So also is the price of corn flakes known as dusa in Hausa. The price of a paint bucket of dusa has increased from N1,500 to N2,000.

A bag of cement in Kano metropolitan city, which sold for N12,000 last February is now N8,000 although a contractor who ordered 50 bags got a discount of N500 and ended up paying N7,500 per bag.

A 50kg bag of rice goes for N66,000.

Prices of some foodstuffs have reduced marginally in Ibadan, the Oyo State capital, in the last two weeks following appreciation of the naira against the dollar.

But prices of locally produced foods are rising.

At Bodija Market, the price of a bag of rice has fallen from N83,000 in February to N62,000 at the weekend. Bodija Market is the central raw food market in Ibadan.

Similarly, the price of groundnut oil has also fallen from N2,200 per litre to N1,300 within the last three weeks.

However, the price of beans has increased from N2,200 per measure to N2,700 in the last two weeks.

The price of spaghetti has also risen from N700 to N1,200 per pack in the last two weeks.

Prices of yams are also going up marginally despite naira’s appreciation in the foreign exchange market against the US dollar.

Different sizes of yam, packed in three or six tubers, have risen in price marginally. Depending on sizes, those that sold for N6,000 now sell for N8,000 while those that sold for N2,500 now sell for N3,500.

In Ilorin a 50kg bag of imported parboiled rice, which sold for N80,000 about two weeks ago, currently goes for between N50,000 and N52,000.

A breakdown of the price per kilogramme revealed that five kilos of rice sells for N4,700 only.

A 100kg bag of beans, which used to go for N80,000 about three weeks ago now costs N120,000 while a 100kg of garri now sells for N90,000, up from N50,000 and N60,000 a couple of weeks ago.

A foodstuff seller, Felicia Ige, lamented that “garri and beans, which are our local stuffs, have continued to hit the rooftop in the state.

The price of cement has come down from N10,500 to between N7000 and N7,500.”

A bag of imported rice is going for N52,000 in Abeokuta as against N61,000 last week.

A measure of beans goes for N2,000 (drum type), N2,200 (Oloyin wewe) and N2,500 (honey beans) while a measure of rice goes for N1,800.

The price of rice ranges between N58,000 and N60,000 per bag in Osogbo, while a bag of garri costs N35,000 and that of elubo (cassava flour) is N240,000.

The situation in Imo State is not different with a bag of cement now costing N7,500,a bag of rice ₦73,000 and garri ₦3,000 per paint bucket.

“It’s becoming difficult to make ends meet,” said Mrs. Nneoma Okoro, a trader at the Owerri Main Market.

“The prices of food and building materials are rising every day. We need the government to intervene and find a solution.” (The Nation)

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