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.
President of Abuja Chamber of Commerce and Industry, Mr Emeka Obegolu in a statement said 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.
According to the statement, “Official records from the National Bureau of Statistics (NBS) indicate a staggering 35.41% 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 statement revealed.
Dr Obegolu stated that this distressing situation has made necessities such as food, housing, and healthcare increasingly unattainable, pushing numerous households to the brink of poverty and extreme deprivation.
“In the past, staple foods like cassava flour (garri) and beans served as affordable options for the common man.”
“However, the current scenario paints a starkly different picture, with prices skyrocketing beyond the reach of the average citizen, for instance, a measure of beans in the Federal Capital Territory and its environs now costs between N2000 to N2500, while garri is priced between N1200 to N2000.”
“The affordability of rice, a widely consumed staple, has also been severely compromised.” The ACCI boss said.
Government intervention
Dr Obegolu emphasised the urgent need for government intervention to address the escalating food crisis warning that failure to act promptly could lead to a state of malnutrition and further aggravate the nation’s socio-economic challenges.
“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,” he added.
He further highlighted the adverse effects on the business community, particularly farmers and agricultural product sellers, who are grappling with disrupted operations due to the prevailing economic conditions.
The ACCI President called 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.
Olusola Akintonde
