President Muhammadu Buhari has identified ‘artificial shortages created by middlemen’ as the reason behind the continuous rise in the prices of food in the country.

According to Buhari, the middlemen have been buying and hoarding essential commodities for profiteering.

The President said this in his 61st Independence Day Speech delivered on Friday morning.

He said, “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.

Buhari, however, noted that he has directed the Ministry of Agriculture and Rural Development, the National Food Reserve Agency and security agencies to find a solution to the challenge.

“To address this, I am hereby directing the Ministry of Agriculture and Rural Development to rehabilitate the National Food Reserve Agency and also work with security agencies, the Nigerian Commodity Exchange, and the National Assembly to find a lasting solution to these disruptive and unpatriotic hoarding activities,” he added.

SOURCE: https://vantagenews.ng/2021/10/01/again-buhari-blames-middlemen-for-rising-food-prices/

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