The Abuja Chamber of Commerce and Industry (ACCI) has expressed deep concern over the persistent rise in commodity prices, which is adversely affecting small-scale business owners and escalating poverty levels in the country.
The surge in prices of essential food items such as rice, beans, cassava flour, tomatoes, pepper, and onions has aggravated the plight of the average citizen, rendering basic meals increasingly unaffordable for many households.
Official records from the National Bureau of Statistics (NBS) indicate a staggering 40.66% 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.
Experts attribute this economic hardship to the drastic depreciation of the national currency, the naira, which has significantly eroded citizens’ purchasing power. The resulting exchange rate volatility has disrupted businesses, increased production costs, and thwarted projections for economic growth.
The Chief Executive Officer of Araba Technology, Ambassador Segun Olugbile, urged the ACCI to initiate business actions against the food crisis and hunger in the Federal Capital Territory (FCT). He stated that the food crisis is becoming a serious issue due to multifaceted challenges affecting farmers, herders, and climate change, coupled with the current high inflation.
ACCI President, Chief Obegolu, acknowledged the critical role the chamber can play in collaboration with the government and stakeholders to avert a worsening crisis and bolster food security in the region. The ACCI provides support services in the area of training and advocacy to help local businesses navigate challenges and seize opportunities in the food sector.
According to the NBS 2023 report, Nigeria 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.
Chief Emeka Obegolu, the leader of the Organised Private Sector in the FCT and environs, emphasized the urgent need for government intervention to address the escalating food crisis. He warned that failure to act promptly could lead to a state of malnutrition and further aggravate the nation’s socio-economic challenges.
The 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.
