Middlemen buying and hoarding these essential commodities for profiteering are the cause of food hike – Buhari

President Muhammadu Buhari has disclosed that food prices hike is due to artificial shortages created by middlemen who have been buying and hoarding these essential commodities for selfish reasons.

This was disclosed by the President during his nationwide broadcast to mark Nigeria’s 61st Independence Anniversary on Friday, 1st of October 2021 in Abuja.

Buhari stated obviously that the Federal Government had made plans to stop disruptive and unpatriotic hoarding activities, as well as ensure that food prices are affordable for Nigerians.

President Buhari expressed regrets that despite significant private sector investments in almost all areas of the agriculture value-chain, food prices had continued to rise.

 

He said the ministry should also work with the Nigerian Commodity Exchange and the National Assembly to rehabilitate the National Food Reserve Agency to boost food production and address artificial food shortages created by middlemen.

The agricultural sector remains key to our economic diversification efforts as the sector has been a consistent driver of the non-oil sector, contributing 22.35 per cent and 23.78 per cent to overall GDP in the first and second quarter of 2021.

 

“We have seen significant private sector investments in almost all areas of the agricultural value-chain and these have continued even during the COVID-19 pandemic.

 

“Unfortunately, as our food production capacity has increased, food prices have been going up, due to artificial shortages created by middlemen who have been buying and hoarding these essential commodities for profiteering.