The Abuja Chamber of Commerce and Industry (ACCI) has asked the federal government to urgently develop measures to stabilise food prices, enhance food security, and alleviate the economic burden on Nigerians.
Emeka Obegolu, ACCI’s president, made the call in a statement on Saturday in Abuja.
Obegolu raised concerns on the persistent rise in commodity prices, which is adversely affecting small-scale business owners and escalating poverty levels in the country.
The ACCI president, who doubles as the leader of the organised private sector (OPS) in Abuja and environs, emphasised the urgent need for the government’s intervention.
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“The surge in prices of essential food items such as rice, beans, cassava flour, tomatoes, pepper, onions, and others has aggravated the plight of the average citizen, rendering basic meals increasingly unaffordable for many households,” he said.
“Official records from the National Bureau of Statistics (NBS) indicate a staggering 44.66% food inflation rate in May 2024.
“However, on-ground observations suggest that the true food inflation rate exceeds 50%, highlighting the severity of the situation and its dire impact on livelihoods.”
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Obegolu said failure to act promptly could lead to a state of malnutrition and further aggravate the nation’s socioeconomic challenges.
“Food is a fundamental necessity of life, and its affordability directly impacts the well-being of citizens,” Obegolu said.
“The escalating food inflation crisis poses severe threats to food security and exacerbates poverty levels. The government must take decisive action to mitigate this crisis and alleviate the suffering of the populace.”
In addition, Obegolu said the current economic climate is having a negative impact on the business community, specifically on farmers and sellers of agricultural products, who are struggling with interrupted operations.
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He said implementing measures to “smooth things out” would promote long-term socioeconomic growth in the nation.
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