The Abuja Chamber of Commerce and Industry (ACCI) has warned that persistent rise in commodity prices in the country is adversely affecting small-scale business owners and escalating poverty levels in the country.
The ACCI President, Emeka Obegolu in a statement on Saturday, said “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.
“Rendering basic meals is increasingly unaffordable for many households,” he said.
According to Obegolu, official National Bureau of Statistics (NBS) records indicated a staggering 35.41 percent food inflation rate in May 2024.
He said that on-ground observations suggested the actual food inflation rate to exceed 50 percent, highlighting the severity of the situation and its dire impact on livelihoods.
Obegolu 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.
He said that the distressing situation made necessities such as food, housing, and healthcare increasingly unattainable, pushing numerous households to the brink of poverty and extreme deprivation.
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.
