Traders at Ose Okwodu Market in Onitsha, Anambra State, have pointed to insecurity as a major reason for the escalating cost of food items in Nigeria. This statement was made during a visit by the Federal Competition and Consumer Protection Council (FCCPC) on Thursday, aimed at investigating the factors behind the rising food prices.
Mr. Onyejekwe Cyprian, Secretary of the Ose Okwodu Market Traders Union, represented the union’s chairman, Mr. Ikechukwu Umeanozie, during the FCCPC’s visit. He highlighted the market’s significance as a key distribution point for food across Anambra State and beyond. However, he expressed concern over the unbearable rise in food prices, attributing it to the ongoing insecurity in the country.
Cyprian explained that the insecurity has caused significant disruptions in agricultural activities. Farmers are increasingly afraid to work their lands or transport their produce due to fears of abduction and attacks by bandits. This has led to a reduction in crop yields and difficulties in moving goods to urban markets.
The lack of reliable supplies from rural areas has forced traders to seek out goods from these areas at higher risks, leading them to increase prices to cover the added risks and costs. Cyprian emphasized that improvements in security could help restore agricultural productivity and stabilize food prices.
In addition to insecurity, Cyprian mentioned climate change and rising transportation costs as other contributing factors.
Mr. Jude Akonam, the South East Zonal Coordinator of the FCCPC, noted that the visit aimed to gather firsthand accounts from traders and customers about how the price hikes are impacting them. This information will be used to advocate for appropriate actions to address the issues.
FCCPC officials also distributed fliers to raise awareness about the commission’s role and services. The survey is part of a broader national effort by the FCCPC to understand and address the factors driving up food prices across the country.