The Federal Competition and Consumer Protection Commission (FCCPC) has attributed the ongoing food inflation in Nigeria to unethical practices such as hoarding and price fixing by market players. This was revealed by the Executive Vice Chairman and CEO of FCCPC, Tunji Bello, during a town hall meeting in Kano with industry leaders, market associations, and small business owners.
Bello explained that “unscrupulous actors” within the food supply chain engage in hoarding newly harvested grains and creating artificial scarcity, thereby driving up prices. According to him, these actions not only hurt consumers but also jeopardise the nation’s food security. “Without caring for the consequences of their actions on fellow countrymen, some actors even smuggle food items across borders to sell at a premium,” he noted.
In addition to hoarding, Bello cited price fixing by market associations and entrance levies as further causes of inflation. He emphasized that such unethical practices are punishable under the FCCP Act 2018, which prescribes fines and jail terms for offenders. “All the bad eggs engaged in these practices will be checked by the government,” Bello assured, noting that the FCCPC initially opted for dialogue to encourage voluntary compliance.
During the meeting, Bello solicited the support of Kano State stakeholders in tackling these unwholesome practices, stressing that collaboration is crucial to achieving fair pricing of goods and services, particularly during the current economic reforms. “It is our collective responsibility to ensure reasonable pricing,” he said.
The FCCPC boss also highlighted the gains from a similar engagement in Lagos, noting that President Bola Tinubu had responded to stakeholders’ concerns with policies such as the removal of value-added tax (VAT) on pharmaceutical products and other tax cuts to support micro, small, and medium enterprises (MSMEs).
Bello urged stakeholders, especially those in public transportation, to pass on the benefits of government concessions to consumers. “When the government assists with cheaper CNG conversion, we don’t expect transport operators to charge the same fares as those who buy petrol,” he stated.
Arewa Youths Applaud Keyamo’s Transformative Leadership in Aviation Sector
By: Roland Bayode
The Arewa Youth Leaders League (AYLL) has commended President Bola Tinubu’s appointment of Festus Keyamo as the Minister of Aviation and Aerospace Development, citing significant improvements under his leadership. The youth group, in a statement by its spokesperson, Usman Attah, noted that Keyamo’s appointment has yielded remarkable results, positioning Nigeria for success in the aviation sector.
According to the group, Keyamo’s tenure has been marked by notable achievements, particularly in enhancing the country’s global aviation compliance. “Nigeria’s global aviation compliance score has jumped from 49% to 70.5% within a month of Keyamo’s leadership, following the signing of the Irrevocable De-registration and Export Request Authorisation (IDERA) and the Cape Town Convention Practice Direction,” Attah stated.
These improvements have not only removed Nigeria from the Aircraft Working Group’s (AWG) watch list but have also unlocked new opportunities for aircraft financing and dry leasing, granting Nigerian airlines better access to global leasing markets. Attah added that these steps have restored confidence in Nigeria’s aviation industry among international stakeholders.
The group further highlighted Keyamo’s efforts in improving safety standards, enhancing infrastructure, and fostering international collaborations. Attah said Keyamo’s dedication to addressing long-standing challenges in the aviation sector has been instrumental in earning him widespread acclaim.
Despite these achievements, AYLL urged Keyamo to focus on tackling persistent issues such as flight delays and cancellations, noting that resolving these problems would further boost public trust in the aviation system. “We call on all stakeholders to support Keyamo’s vision for a world-class aviation sector,” the statement concluded.
The Arewa Youth Leaders League pledged its continued support for Keyamo’s transformative agenda, expressing optimism about the future of Nigeria’s aviation industry under his leadership.
