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The Federal Government, through the Competition and Consumer Protection Commission (FCCPC) has revealed that grain hoarders and smugglers are responsible for the persistent hike in food prices in Nigeria.
The Executive Vice Chairman of FCCPC, Tunji Bello, made this known at a town hall meeting with industry leaders, micro, small and medium enterprises, market heads, farmers, transporters, and service providers on Wednesday, in Kano.
Bello stated that the FCCPC investigators had discovered that some grain merchants were stockpiling newly harvested grains in warehouses to create artificial scarcity, exacerbating food inflation in Nigeria.
In addition to grain hoarding, Bello also identified price fixing and artificial barriers imposed by market associations, such as entrance levies, as other unethical practices.
