The Abuja Chamber of Commerce and Industry (ACCI), has expressed deep concern over the persistent rise in commodity prices.
The ACCI President, Emeka Obegolu, in a statement, said the daily price increments were adversely affecting small-scale business owners and escalating poverty levels.
According to him, 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 and rendering basic meals increasingly unaffordable for many households.
Obegolu pointed out that the official National Bureau of Statistics (NBS) records indicated a staggering 35.41 per cent food inflation rate in May 2023, adding that on-ground observations suggest that the actual food inflation rate exceeded 50 per cent, highlighting the severity of the situation and its dire impact on livelihoods.
He said the chamber provided support services in training and advocacy to help local businesses navigate challenges and seize opportunities in the food sector to impact its members, and emphasised the urgent need for government intervention to address the escalating food crisis.
He said that failure to act promptly could lead to malnutrition and further aggravate the nation’s socio-economic challenges.
The ACCI President said the economic situation also adversely affected the business community, particularly farmers and agricultural product sellers.
He, therefore, called for urgent measures to stabilise food prices, enhance food security, and alleviate Nigerians’ economic burden.
