The Federal Competition and Consumer Protection Commission (FCCPC) has released findings from a comprehensive investigation into the factors contributing to the relentless increase in consumer costs.
The FCCPC Director, Surveillance and Investigation Mrs. B.A Adeyinka, shed light on the multifaceted issues at play while briefing journalists during a market surveillance to enforce prices today in Masaka Markets, Nasarawa State.
According to her, the FCCPC has conducted extensive interviews with marketing executives and sellers across various sectors
“Despite government efforts to stabilize the currency, prices remain high. Our findings point to a complex web of factors, including multiple layers of taxation and transportation costs, that are driving prices up,” she added.
The FCCPC as part of its campaign for compliance sealed 4U Supermarket Wuse 2 on Thursday for breaching price and quality standards. While addressing journalists at the supermarket yesterday, the acting Chief Executive Officer of FCCPC, Adamu Abdullahi said the Commission would continue the price enforcement in other states of the federation.
According to the investigation, transportation costs are incurred at every stage of the supply chain, starting from the farmers who transport their produce to local markets, to the sellers who move goods to larger market squares, and finally to the retailers who deliver products to consumers.
“The cost of transportation is a significant burden on the sellers, and this cost is inevitably passed on to the consumer. For instance, a product that once cost N15,000 now sells for N50,000. This drastic increase is largely due to higher transportation expenses, the rising cost of pesticides, and security concerns in certain areas,” Adeyinka explained.
The investigation also highlighted the impact of the ‘herdsmen men crisis’ on rural farmers and the lack of intervention in these areas.
“Our first step is to compile a report on the multiple taxes affecting the market and advise the government on potential solutions.
“We aim to unlock the market by reducing these taxes, thereby easing the financial burden on both sellers and consumers,” she said.
