Livestock Feed Producers Mop Up Grains In Bauchi Markets – Traders
Grain traders at Bauchi’s Muda Lawal market have highlighted factors contributing to the ongoing hike in food prices. They identified manufacturers of livestock feed and agents of rice companies, along with major dealers, who are buying up grains from village markets at inflated prices. These activities have led to scarcity in Bauchi town, prompting some traders to relocate to other areas. Challenges such as fluctuating fuel prices, taxes, and hoarding by major dealers exacerbate the situation. The Federal Competition and Consumer Protection Commission (FCCPC) conducted a market survey to address these issues, aiming to ensure fair pricing and combat anti-competitive practices in the food sector. Source: DailyTrust
Our Review
Grain traders in Bauchi’s Muda Lawal market attribute rising food prices to livestock feed manufacturers and rice companies mopping up grains from village markets at high prices. Chairman Nasiru Adamu highlights that companies from Kano and Lagos are outbidding local buyers, causing scarcity. Traders relocate to Azare and Katagum, further disrupting local supply. Contributing factors include hoarding by major dealers, fluctuating fuel prices, and excessive taxes. A proposal to establish a centralized market aims to regulate commodity flow and curb hoarding. Additionally, export restrictions are suggested until Nigeria achieves food sufficiency. The FCCPC’s investigation confirms anti-competitive practices like hoarding and price gouging. Their recommendations aim to foster competition and ensure fair pricing.
