Basic Meals Becoming Unaffordable for Many Households, Says Abuja Chamber of Commerce

• Rising costs of essential food items worsen citizens’ struggles, making basic meals unaffordable for many households, according to ACCI President
• ACCI calls for urgent government intervention to tackle rising food inflation, which threatens food security and deepens poverty across Nigeria

The Abuja Chamber of Commerce and Industry (ACCI) has raised alarms about the ongoing surge in commodity prices nationwide.

In a statement on Saturday, ACCI President Emeka Obegolu expressed concern over how these rising costs severely affect small-scale businesses and increase poverty levels.

“The rising prices of essential food items like rice, beans, cassava flour, tomatoes, pepper, and onions are worsening the struggles of the average citizen. Basic meals are becoming unaffordable for many households,” Obegolu stated.

According to the National Bureau of Statistics (NBS), the food inflation rate reached 35.41 percent in May 2024. However, Obegolu noted that real-world observations suggest the actual rate could be over 50 percent, highlighting the crisis’s severity and impact on daily lives.

To help local businesses, the ACCI provides support services, including training and advocacy, to help them navigate challenges and find opportunities in the food sector.

Obegolu warned that the escalating prices are making essentials like food, housing, and healthcare unattainable, pushing many households toward poverty and severe deprivation. He called for urgent government intervention to address the growing food crisis, cautioning that failure to act could lead to widespread malnutrition and exacerbate the nation’s socio-economic issues.

“Food is a fundamental necessity, and affordability is crucial to citizens’ well-being. The rising food inflation crisis threatens food security and deepens poverty. The government must act decisively to mitigate this crisis and relieve the population’s suffering,” he emphasized.

Obegolu also highlighted how the economic situation adversely affects the business community, particularly farmers and sellers of agricultural products. He urged immediate measures to stabilize food prices, improve food security, and ease the economic burden on Nigerians. These steps, he suggested, would promote sustainable socio-economic development in the country.

Meanwhile, Segun Olugbile, CEO of Araba Technology, urged the ACCI to initiate business actions against the food crisis and hunger in the Federal Capital Territory (FCT). He pointed out that multiple challenges, including those faced by farmers and herders, climate change, and high inflation, are intensifying the food crisis.

Olugbile noted that urgent action is necessary, as an estimated 24.7 million people are affected by food and nutrition insecurity across 26 states, including the FCT. He emphasized that the ACCI could play a crucial role by collaborating with the government and stakeholders to prevent the crisis from worsening and to strengthen regional food security.