Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, has warned that Nigeria risks nationwide protest and unrest given the rate of inflation in the country.
Recall that Nigeria’s soaring food inflation hit 40.87 percent in June 2024.
This was disclosed by the President of NACCIMA, Dele Oye, while reacting to the latest National Bureau of Statistics Consumer Price Index and inflation report for June.
NBS had on Monday said Nigeria’s headline and food inflation rose for the 18th time. It rose to 34.19 percent and 40.87 percent.
Oye said, “Persistent insecurity, particularly in Northern Nigeria, has severely disrupted farming activities. Many farmers have abandoned their farms due to threats from insurgents, bandits, and herders-farmers conflicts. And these have led to reduced in agricultural output.”
Oye noted that the prolonged food inflation can cause social unrest. This is even as Nigerians struggle to cope with attendant hardship.
“It would also birth prolonged food inflation, which could lead to social unrest and protests. This is as people struggle to cope with the rising cost of essential commodities. Furthermore, poor nutrition due to unaffordable food prices can lead to long-term health issues. Especially among children, pregnant women, and the elderly.”
Oye, therefore, stated that the Government should deploy security to agricultural regions in Nigeria. He added that the Central Bank of Nigeria should initiate policies to bring down inflationary pressures and invest in infrastructure.
“Investment in rural infrastructure, such as roads, storage facilities, and irrigation systems, is crucial. These will help to facilitate the efficient transportation and storage of agricultural produce”, he stated.
The advice is coming on the heat of the proposed planned protests by Nigerian youths over the prevailing economic hardship.
Nigerians are already warming up for a planned headship protest starting on August 1, 2024.
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