Stop exploiting consumers — FG warns retailers and traders

Wednesday, February 19, 2025 - The federal government has warned retailers and traders to adjust their prices to reflect current market realities, emphasising the need for fairness in easing the financial burden on Nigerians.

The Minister of Agriculture and Food Security, Abubakar Kyari, issued this warning while speaking at the 2025 Wheat Farmers Green Field Day in Dabi Village, Ringim Local Government Area, Jigawa State.

According to the minister, the federal government is aware of the significant drop in the prices of essential commodities such as flour, sugar, rice, and spaghetti across major markets. However, he expressed concern that many retailers, bakers, and shop owners have refused to pass on these reductions to consumers, denying Nigerians the relief they deserve.

“In previous months, stakeholders in the food supply chain raised concerns over rising food costs. Now that prices have dropped—for instance, flour from N80,000 to below N60,000 and spaghetti from N20,000 to N15,000—it is only fair and just that consumers benefit from these reductions,” Kyari stated.

The minister reaffirmed the government’s commitment to making food affordable and assured continued engagement with relevant stakeholders to address the issue.

“I urge all retailers and traders to reflect the current market realities in their pricing and act in good faith. Exploiting consumers at a time when relief is needed is most unpatriotic and unacceptable,” he warned.

Kyari also commended President Bola Ahmed Tinubu for his unprecedented commitment to agricultural development, stating that the ministry remains fully aligned with the Renewed Hope Agenda. He promised continued implementation of programmes in line with the president’s vision for the agricultural sector, ensuring that farmers receive the necessary support to enhance food security and combat inflation.

Governor Umar Namadi highlighted Jigawa State’s significant contribution to Nigeria’s wheat production, noting that the state supplies between 10 per cent and 15 per cent of the national wheat demand. This, he said, saves Nigeria over N90 billion annually in foreign exchange and strengthens the national economy.

He also commended President Tinubu and the African Development Bank for their continued support and commitment to wheat farming in Nigeria.