By Anas Abbas
Nigerians are grappling with the harsh realities of rising food prices and crippling inflation, largely attributed to the removal of fuel subsidy by President Bola Ahmed Tinubu.
This policy shift, which many see as the primary driver of the current economic hardships, has compounded the challenges Nigerians faced during the previous administration.
Now, more than ever, the cost of living has become unbearable for many.
The Daily Reality has gathered that the business community is also struggling to stay afloat.
Entrepreneurs are battling to maintain profit margins as operational costs continue to soar.
This has sparked widespread calls for government intervention, as many consumers believe the rise in food prices is excessive and, in some cases, artificially inflated by market forces.
Painful outcries
The surge in food prices has left many ordinary Nigerians, not only in Kano, in dire straits.
In a series of interviews conducted by The Daily Reality in Kano, citizens revealed how the price hikes have made basic necessities unaffordable, forcing some families to cut back on meals.
“I can no longer provide three meals a day for my family. Sometimes, we go to bed hungry,” said Mrs. Aisha Yahaya, a mother of five.
“Before, a bag of rice was N50,000, now it’s N90,000. How can I afford that on my meager pension?,” lamented a retired civil servant.
A visit to Singer Market painted a bleak picture. Once bustling with activity, the market now has a somber atmosphere, with many stalls closed and traders struggling to make sales.
Customers, too, appeared despondent, unable to afford the inflated prices.”The price hike has ruined our lives. We can’t sell, we can’t buy. We’re just surviving,” said one trader, who preferred to remain anonymous.
Price hike beyond our control
Alhaji Samaila, Managing Director of Hamir Investment, explained that the rising prices are not the fault of traders, but a result of the market’s dynamics.
“When goods become scarce in the market, those who have stock take advantage and raise prices beyond reasonable levels,” he said.
Samaila also pointed out that companies often increase prices without notifying their customers, exacerbating the situation.
“This has led to commodities increasing by as much as 20% to 50%,” he added.
Unregulated market leads to price exploitation
The Daily Reality found that the lack of government intervention and regulation has allowed traders in Singer Market to set prices arbitrarily.
This “open market” situation has created a breeding ground for price exploitation, where traders take advantage of scarcity to inflate prices.
The absence of a regulatory framework has left consumers vulnerable, with market prices often dictated by who can pay the most, rather than by genuine market forces like supply and demand.
Traders forced out by price instability
The instability in prices has not only affected consumers but also forced some traders out of business.
With the rising cost of goods and dwindling capital, many traders are finding it increasingly difficult to continue operations.
Alhaji Samaila lamented the impact of the economic downturn on sales and investments.
He shared that a regular customer who previously purchased goods worth N2.5 million now struggles to make ends meet.
“The uncertainty in pricing has led to suspicions of price gouging, and the overall trust in the market system is eroding,” he said.
A call for intervention
Barr. Junaidu Muhammad Zakari, Managing Director of Singer Market, has called for urgent government intervention to curb the escalating prices.
He attributed the hike primarily to the removal of fuel subsidies, but also highlighted other contributing factors such as poor agricultural output and over-reliance on foreign goods.
Zakari urged the government to take proactive measures, including improving the agricultural sector, promoting local competition, and licensing more companies to produce goods domestically.
This, he said, would reduce the pressure on imports and stabilize prices.
A way forward
Zakari noted that the removal of fuel subsidies has had a devastating impact not just on Singer Market but across Nigeria.
To address this, he called for the establishment of a price regulatory body that can monitor and control prices, ensuring they remain fair and reasonable for both businesses and consumers.
“The current situation is unsustainable. Without proper regulation, the price hike will continue to cripple businesses and impoverish consumers. The government must act now to create a fair and equitable market environment,” Zakari warned.
Anti-corruption commission steps in
Muhi Rimin Gado, Managing Director of the Public Complaint and Anti-Corruption Commission, also weighed in on the issue, expressing the need for immediate action to address the artificial inflation plaguing the market.
“We cannot fold our arms and watch this situation spiral out of control. Steps must be taken to curb the excessive price hikes and provide relief to the people,” Gado declared.
His remarks have sparked hope among the public that the government will take decisive action to mitigate the artificial inflation that has caused so much hardship.
