Federal Govt Tasked On Fair Food Prices


The Consumer Advocacy and Empowerment Foundation (CADEF) has urged the ministries of trade and agriculture to resolve value chain distortions and ensure fair practices throughout the country.

CADEF also promotes multi-stakeholder engagement, empowering institutions such as the Federal Competition and Consumer Protection Commission (FCCPC) to address anti-competitive behavior.

Prof. Chiso Ndukwe Okafor, executive director of CADEF, told journalists in Abuja yesterday that the initiative’s goal is to protect consumer rights and ensure fair and transparent pricing in the food market.

Okafor highlighted the growing worries about unfair food pricing that damages consumers, noting that CADEF, a Consumers International member, has launched the Fair Food Price (FFP) Monitor in Nigeria.

She emphasized the need for fair treatment for consumers worldwide, citing the global push for fair food prices, which is backed by Consumers International and has over 200 member groups.

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Okafor stated that in Nigeria, CADEF, together with the Consumer Awareness Organization, champions the cause locally.

She added that the dilemma of unfair food pricing, particularly in Africa, has resulted in enormous consumer challenges, with more than 90% 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 in a statement.

“The Fair Food Price Monitor, established in conjunction with partners and with technical assistance from BFAP, functions as an early warning system.

“It detects potential causes of unjust food pricing by examining wholesale and retail prices. The two-stage monitor assesses pricing margins and investigates variables such as gasoline costs, exchange rates, and global prices,” she explained.

She highlighted the findings and recommendations of the November 2023 Fair Food Price Monitor report on retail and wholesale prices, as well as major market drivers.

Techrectory with Agency Report.

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