The Abuja Chamber of Commerce and Industry (ACCI) has commended the Federal Government and the Central Bank of Nigeria for policy measures credited with improving macroeconomic stability and driving a significant decline in food inflation across the country.
ACCI President, Emeka Obegolu, in a statement described the development as a major relief for households, following recent data released by the National Bureau of Statistics showing food inflation dropping to single digits in January 2026.
According to him, “Recent data released by the National Bureau of Statistics showing food inflation dropping to single digits in January 2026 represents a major relief for households across Nigeria.”
Dr Obegolu noted that the improvement has helped ease cost-of-living pressures for millions of families.
“For millions of families who spend a substantial portion of their income on food, this development has eased cost-of-living pressures and strengthened purchasing power.” he said.
While applauding the progress, the ACCI boss warned that continued declines in farm-gate prices could create unintended consequences for farmers and rural economies..
Dr Obegolu said, “A sustained decline in farm-gate prices could pose unintended risks to farmers’ incomes, rural purchasing power, and future agricultural output.”
He also stressed that agriculture remains central to national development, noting, “A thriving agricultural sector remains fundamental to national food security, employment generation, and long-term price stability.”
To ensure balanced outcomes for consumers and farmers, Dr Obegolu recommended the introduction of market-friendly price stabilization mechanisms.
He urged the government to
implement a Guaranteed Minimum Price framework for selected staple crops to protect farmers from distress sales and also to strengthen strategic food reserves through structured government off-take during surplus periods to stabilize markets and reduce post-harvest losses.
The ACCI president further called for expanded investment in agro-processing hubs, cold chain systems and modern storage facilities.
He noted that such interventions would Promote value in addition to improve farmer incomes, create jobs, and reduce price volatility, while also urging improved access to agricultural finance, input support and revitalised extension services.
Dr Obegolu also emphasised the need for enhanced security in farming communities, improved logistics infrastructure and sustained macroeconomic stability.
“Consumer welfare and farmer sustainability are mutually reinforcing pillars of national prosperity, by adopting a balanced, market-friendly approach that protects farmers while maintaining affordability for consumers, Nigeria can secure a stable food system, strengthen rural economies, and advance inclusive economic growth,” he added.