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FCCPC initiates market interventions to reduce food prices

Vaseline 1 month ago

  • The FCCPC Enlists Trade Associations and Marketers to Address the Factors Driving the Continued Rise in Food Prices
  • Farm transportation costs and multiple taxes are found to be major contributors to higher food costs

The Federal Competition and Consumer Protection Commission (FCCPC) has initiated discussions with business associations and marketers to understand the factors contributing to the continued rise in food prices despite the strengthening of the naira against the dollar.

Boladale Adeyinka, Director, Surveillance and Investigation, FCCPC, led her team to Masaka village market in Karu Local Government Area of ​​Nasarawa State to engage with stakeholders and tackle the problem of high food costs.

Adeyinka highlighted transportation costs from farms and multiple taxes as major factors behind the higher food prices. She emphasized that the FCCPC aims to compile a comprehensive report on these taxes and make recommendations to the government to ease or eliminate them.

“This is a fact-finding mission to gather insights straight from the source. Our campaign to reduce food prices continues. We are here to engage with market executives, sellers and consumers,” said Adeyinka.

During discussions with market administrators, it was confirmed that transport costs contribute significantly to the escalation of food prices. Masaka Market chairman Danlami Gimba urged the government to consider reducing petrol prices to ease transport costs, which would reduce food prices.