Federal Govt Tasked On Fair Food Prices

A group, the Consumer Advocacy and Empowerment Foundation (CADEF) has called on the ministries of trade and agriculture to address distortions in the value chain, ensuring fair practices in the country.

CADEF also advocates for multi-stakeholder collaboration, empowering authorities like the Federal Competition and Consumer Protection Commission (FCCPC) to combat anti-competitive practices.

Addressing newsmen yesterday in Abuja, CADEF executive director, Prof. Chiso Ndukwe Okafor, emphasised that this initiative aims to safeguard consumer rights and ensure fair and transparent pricing in the food market.

Okafor lamented the growing concerns about unfair food pricing that harms consumers, adding that CADEF, a member of Consumers International, has introduced the Fair Food Price (FFP) Monitor in Nigeria.

She highlighted that the global effort for fair food prices, supported by Consumers International with over 200-member groups worldwide, underscores the importance of fair treatment for consumers globally. 

Okafor noted that in Nigeria, CADEF, along with the Consumer Awareness Organization, champions the cause locally.

She further stated that the challenge of unfair food prices, particularly in Africa, has led to significant consumer challenges, with more than 90 per cent of the population unable to afford a healthy diet. 

“Consumers International identifies this issue as a result of anti-competitive practices and excessive profiteering, calling for a global marketplace that prioritizes fairness,” she said.

“The Fair Food Price Monitor, developed in collaboration with partners and technical support from BFAP, serves as an early warning system.

“It identifies potential causes of unfair food pricing, focusing on wholesale and retail prices. The two-stage monitor evaluates price margins and explores factors like fuel costs, exchange rates, and global prices,” she said.

She emphasised the outcomes and recommendations of the November 2023 Fair Food Price Monitor report on retail and wholesale prices, along with key factors influencing the market.