The Federal Competition and Consumer Protection Commission (FCCPC) has revealed findings from an extensive investigation into the factors contributing to the continuous rise in consumer costs.
Mrs. B.A Adeyinka, the Director of Surveillance and Investigation at the FCCPC, highlighted the complex issues involved during a briefing with journalists at Masaka Markets, Nasarawa State.
Adeyinka stated that despite government efforts to stabilize prices, they remain high due to various factors, including multiple layers of taxation and transportation costs.
The investigation involved interviews with marketing executives and sellers across different sectors.
As part of its campaign for compliance, the FCCPC sealed 4U Supermarket Wuse 2 for breaching price and quality standards.
Adamu Abdullahi, the acting Chief Executive Officer of the FCCPC, affirmed the Commission’s commitment to enforcing price regulations in other states.
Transportation costs were identified as a significant contributor to the increase in prices.
Adeyinka explained that costs incurred at every stage of the supply chain are passed on to consumers.
Factors such as rising transportation expenses, increased cost of pesticides, and security concerns in certain areas have led to drastic price hikes.
The investigation also highlighted the impact of the herders-farmers crisis on rural farmers and the lack of intervention in these areas.
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The FCCPC plans to compile a report on multiple taxes affecting the market and propose solutions to reduce the financial burden on both sellers and consumers.
The Commission aims to engage with market executives to ensure no restrictions on bringing goods to the market, which would increase availability and lower prices.
Additionally, efforts will be made to address anti-competitive practices by cartels to ensure a fair marketplace.
Market executives, represented by Chief Gimbal Salasi, expressed their commitment to ensuring market operations and price regulations.
They appealed to the government for assistance in constructing access roads to facilitate commodity transportation.
However, some traders voiced concerns about high commodity costs, extortion, and double taxation.
In response, the market chairman assured that efforts are being made to ensure fair treatment of traders and prevent exploitation.
