With the soaring inflationary trend in the Nigerian economy, the Abuja Chamber of Commerce and Industry, ACCI, has called the Federal Government to come with measures to mitigate the crisis.
The Chamber made the call on Saturday, while urging the FG to urgently develop measures to stabilize food prices, enhance food security, and alleviate the economic burden on Nigerians.
According to a statement by the ACCI President, Emeka Obegolu, the escalating food inflation crisis poses severe threats to food security. It also exacerbates poverty levels among Nigerians.
Recall that food prices have risen across Nigeria in the last one year. This is even as farmers have abandon their farms due to insecurity.
The situation exacerbated as a result of the removal of petroleum subsidies by President Bola Tinubu during his inauguration in May 2023.
While Nigerians were still grappling with the subsidy removal, the government floated the Naira. It said it was in an effort to unify the official exchange rate to the Dollar with what is obtained in the black market.
But on Saturday, June 22, the ACCI lamented the surging prices of food stuff across the country.
According the body, 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. This, it said, has rendered basic meals increasingly unaffordable for many households.
The ACCI, said, “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.”
The body 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.
“There are growing concerns that this number has swelled over the past eight months, exacerbating the socio-economic landscape,” Obegolu lamented.
“In the past, staple foods like cassava flour (garri) and beans served as affordable options for the common man.
“But the current scenario paints a starkly different picture, with prices skyrocketing beyond the reach of the average citizen.
He stated, “For instance, a measure of beans in the Federal Capital Territory, FCT, and its environs now costs between N2000 to N2500. while garri is priced between N1, 200 to N2, 000. The affordability of rice, a widely consumed staple, has also been severely compromised.”
Obegolu, therefore, emphasized the urgent need for Government intervention to address the escalating food crisis. He warned that the failure to act promptly could lead to a state of malnutrition. And could further aggravate the nation’s socio-economic challenges.
“ACCI calls for urgent measures to stabilize food prices, enhance food security, and alleviate the economic burden on Nigerians. Thereby fostering sustainable socio-economic development within the country,” he said.
source: Premium Times
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