CPPE regrets, says Tinubu’s food safety committee has not affected prices

Following the soaring food prices in the market, the Center for the Promotion of Private Enterprise (CPPE) regrets that President Bola Ahmed Tinubu’s food security committee has not made any impact on the rising food prices in the country.

Muda Yusuf, Director of CPPE, stated this in a recent statement in reaction to the latest headline and food inflation in Nigeria in May 2024, which reached 33.95 percent and 40.66 percent respectively.

Previously, President Tinubu had formed a committee to address Nigeria’s food security challenges.

Several months after the formation of the committee, the CPPE lamented that the purchasing power of Nigerians continued to decline amidst uncontrolled inflationary pressures.

READ ALSO:FG injects ₦309 billion into agriculture in one year to improve food security — Minister

According to the economic think tank, drivers of Nigerian inflation include exchange rate depreciation, soaring transportation costs, logistics and supply chain challenges, foreign exchange market volatility, energy costs, climate change, insecurity in farming communities, seasonality of agricultural output, and structural constraints in production.

“Unfortunately, the drivers of inflation have not yet subsided. There are also seasonal factors in agricultural output, which trigger seasonal price spikes in some food crops. It is important to emphasize that insecurity in farming communities remains a major factor disrupting agricultural production and perpetuating the food supply crisis.

“The food security situation is dire and requires an urgent and urgent response. Meanwhile, the impact of the Presidential Committee on Food Security has not yet been felt. We believe that the proposals contained in the government’s Inflation Reduction and Price Stability Plan will have a significant impact in reducing inflationary pressures if implemented. We ask that this plan be implemented immediately.

“The government can review tariff policies by providing concessions on import duties on semi-finished products for industrial players. The same thing also happens to investors in the logistics sector. “Several of these steps have been included in the draft Economic Acceleration and Sustainability Plan proposed by the Coordinating Minister for the Economy,” he said.

By: Babajide Okeowo

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