Food Inflation: ACCI calls on Nigerian govt to mitigate crisis

The Abuja Chamber of Commerce and Industry (ACCI) on Saturday called on the Nigerian government to urgently develop measures to stabilise food prices, enhance food security, and alleviate the economic burden on Nigerians.

The ACCI President, Emeka Obegolu, in a statement on Saturday, said the escalating food inflation crisis poses severe threats to food security and exacerbates poverty levels.

In recent years, food prices have risen across Nigeria as farmers abandon their farms due to insecurity.

The situation deteriorated last year after the Bola Tinubu administration removed subsidies on petrol, which many Nigerians use to power their vehicles and electricity generators.

The government also floated the naira in an effort to unify the official exchange rate to the dollar with what is obtained in the black market.

On Saturday, the ACCI said 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.

“Food is a fundamental necessity of life, and its affordability directly impacts the well-being of citizens. 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,” Mr Obegolu said.

He said, according to the National Bureau of Statistics (NBS) 2023 report, the country already had 133 million people living in multidimensional poverty before the recent economic challenges.

Mr Obegolu said there are growing concerns that this number has swelled over the past eight months, exacerbating the socio-economic landscape.

In the past, he said, staple foods like cassava flour (garri) and beans served as affordable options for the common man.

However, he noted that the current scenario paints a starkly different picture, with prices skyrocketing beyond the reach of the average citizen.

“For instance, a measure of beans in the Federal Capital Territory and its environs now costs between N2000 to N2500, while garri is priced between N1200 to N2000. The affordability of rice, a widely consumed staple, has also been severely compromised,” he added.

Emphasising on the urgent need for the government intervention to address the escalating food crisis warning, he said failure to act promptly could lead to a state of malnutrition and further aggravate the nation’s socio-economic challenges.

“ACCI calls for urgent measures to stabilise food prices, enhance food security, and alleviate the economic burden on Nigerians, thereby fostering sustainable socio-economic development within the country,” the statement said.