The Abuja Chamber of Commerce and Industry (ACCI) has sounded a distress call regarding the alarming increase in commodity prices, particularly essential food items.
According to ACCI, the situation is exacerbating hardship for small-scale businesses and pushing many households deeper into poverty.
In a statement released by ACCI President Emeka Obegolu, the chamber expressed grave concern over the continuous rise in the prices of staple foods such as rice, beans, cassava flour, tomatoes, pepper, and onions.
According to Obegolu, the price hikes are making basic meals unaffordable for numerous households across the country.
Official records from the National Bureau of Statistics (NBS) revealed a disturbing 35.41% food inflation rate as of May 2023.
However, Obegolu highlighted that on-the-ground assessments suggest the actual inflation rate for food items exceeds 50%, painting a dire picture of the economic challenges faced by ordinary Nigerians.
“The surge in food prices is not only impacting the average citizen’s ability to afford meals but also jeopardizing food security and escalating poverty levels,” Obegolu remarked.
He emphasized that the situation demands urgent government intervention to avert malnutrition and alleviate socio-economic hardships.
The ACCI, known for its advocacy and support services to local businesses, including training and capacity building, emphasized the need for immediate measures to stabilize food prices and enhance food security.
Obegolu reiterated the critical role of government intervention in mitigating the crisis and ensuring sustainable socio-economic development.
On his part, Segun Olugbile, CEO of Araba Technology, echoed the sentiments, stressing the multifaceted challenges affecting food production and supply chains, including climate change and high inflation rates.
Olugbile urged the ACCI to collaborate with the government and stakeholders to address the growing food crisis and hunger emergency in the Federal Capital Territory (FCT) and beyond.
“With millions of individuals affected by food and nutrition insecurity, urgent collaborative efforts are necessary to prevent further deterioration of the crisis and bolster regional food security,” Olugbile emphasized.
Meanwhile, in response to President Bola Ahmed Tinubu’s directive to release grains from the National Strategic Reserve to mitigate the impact of the global economic downturn, the Federal Government has commenced the distribution of various food items to the Kogi State Government.
At a flag-off event in Lokoja, the Federal Ministry of Agriculture and Food Security, the Office of the National Security Adviser, and the National Emergency Management Agency (NEMA) initiated the transportation and distribution process.
Mrs Zubaida Umar, Director General of NEMA, represented by Bashir Idris Garga, Zonal Director of NEMA North Central, presented the items to Kogi State Governor Alhaji Ahmed Usman Ododo, represented by Deputy Governor Comrade Joel Oyino.
