The Chamber of Commerce deplores the rise in food prices in Nigeria

The Abuja Chamber of Commerce and Industry (ACCI) has condemned the persistent rise in food prices across the country which it says has worsened the poverty level of the general Nigerian public.

ACCI President, Emeka Obegolu (SAN), in a statement on Saturday, said the situation had also adversely affected small scale businesses as basic food items became unaffordable for most families.

“The Abuja Chamber of Commerce and Industry expresses deep concern over the persistent rise in commodity prices, which is adversely impacting small-scale business owners and increasing poverty levels in the country,” Obegolu said in a statement.

“The surge in prices of staple foods such as rice, beans, cassava flour, tomatoes, peppers, onions, etc. has exacerbated the suffering of the average person, making the price of staple foods increasingly unaffordable for many households.”

Obegolu noted that official records from the National Bureau of Statistics showing a spike in the food inflation rate rising to 35.41 percent in May 2024 may not be the correct figure compared to what is happening in different regions of the country.

READ ALSO:Nigeria inflation rises to 33.95%

“However, observations on the ground show that the food inflation rate actually exceeds 50 percent, indicating the severity of the situation and its adverse impact on livelihoods.

“Experts attribute these economic hardships to the drastic depreciation of the national currency, the naira, which has significantly eroded people’s purchasing power. The resulting exchange rate volatility has disrupted business, increased production costs and derailed economic growth projections,” Obegolu said.

According to ACCI, the food crisis in Nigeria is a serious problem due to various challenges affecting farmers, herders, climate change and the current high inflation.

“Food is a basic need in life, and its affordability has a direct impact on people’s well-being. The increasing food inflation crisis poses a major threat to food security and worsens poverty levels.

“The government must take decisive action to mitigate this crisis and alleviate people’s suffering,” he advised.

The post Chamber of Commerce laments rising food prices in Nigeria appeared first on Latest Nigerian News | Top News from Ripples Nigeria.