Chamber of Commerce laments rising food prices in Nigeria

The Abuja Chamber of Commerce and Industry (ACCI) has decried the persistent rise in food prices across the country which it said had worsened the poverty levels of ordinary Nigerians.

The ACCI President, Emeka Obegolu (SAN), in a statement on Saturday, said the situation had also affected small-scale businesses adversely as basic meals were becoming unaffordable to most families.

“The Abuja Chamber of Commerce and Industry expresses deep concern over the persistent rise in commodity prices, which is adversely affecting small-scale business owners and escalating poverty levels in the country,” Obegolu said in the statement.

“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.”

Obegolu noted that official records from the National Bureau of Statistics indicating a surge in food inflation rate which rose to 35.41 per cent in May 2024 may not be the right figure going by what was happening in different parts of the country.

READ ALSO:Nigeria’s inflation rises to 33.95%

“However, on-ground observations suggest that the true food inflation rate exceeds 50 per cent, 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,” Obegolu said.

According to the ACCI, the food crisis in Nigeria is becoming a serious issue due to multifaceted challenges affecting farmers, herders, climate change, and the current high inflation.

“Food is a fundamental necessity of life, and its affordability directly impacts the well-being of citizens. The escalating food inflation crisis poses a severe threat to food security and exacerbates poverty levels.

“The government must take decisive action to mitigate this crisis and alleviate the suffering of the populace,” he advised.

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