The Federal Competition and Consumer Protection Commission (FCCPC) is investigating the continuous rise in food prices in Katsina State.
The commission on Thursday embarked on fact-finding missions to engage with traders’ associations and marketers in Katsina.
Usman Shehu Abdulkarim, FCCPC North-West Zonal Coordinator, said the commission’s inquiry suggests unfair practices in the food chain, including price gouging and hoarding.
On their part, the market union leaders and consumers attributed the continuous hike in food commodities to activities of some political office holders allegedly hoarding the items in their respective stores.
Alhaji Aliyu Maje Mai Masara, Zonal Grain Sellers Chairman, shared his recent experience of buying maize at Dandume Market, expecting to sell it for a slight profit.
However, within a week, the price had jumped significantly.
He believes these practices are fueled by a fear of anti-corruption investigations, making some officials to avoid banks.
Other sellers, like Alhaji Rufa’i Hamisu, acknowledge broader economic factors at play, such as the removal of fuel subsidies, which have driven up transportation costs.
However, the consensus remains that hoarding and foreign demand are major contributors to the current crisis.
Consumers, meanwhile, are bearing the brunt of these price increases. Yahaya Mohammed Mashi highlights the struggle for families on fixed incomes to afford basic necessities.
He urges the government to take action, including establishing subsidized food outlets, to alleviate the pressure on households.
The situation has prompted the Federal Competition and Consumer Protection Commission (FCCPC) to launch an investigation.
Usman Shehu Abdulkarim, FCCPC North-West Zonal Coordinator, said their preliminary findings suggest potential unfair practices by participants in the food chain, including price gouging and hoarding.
These obnoxious, unscrupulous, exploitative practices are illegal under the FCCPA,” he queried.
These practices he said restrict competition in the market, limit food supply, and manipulate and inflate food prices which the commission considers as illegal practices under the FCCPA.
Following this exercise, he said the Commission will develop a concise report of its inquiry and make recommendations to the government in accordance with Section 17(b) of the FCCPA.
FCCPC probes food price hikes in Katsina, blames officials, foreign buyers
