By Vivian Emoni
The Abuja Chamber of Commerce and Industry (ACCI) has commended the Federal Government and Central Bank of Nigeria (CBN) for policies measures that improved macroeconomic stability.
The chamber specifically commended the Federal Government and the CBN for initiating policies that contributed to recent decline in food inflation.
Chief Emeka Obegolu, the ACCI President, said this while reacting to the current food prices reduction on Tuesday in Abuja.
Obegolu commended the declining food inflation, while calling for policies that protect farmers’ incomes and sustain agricultural productivity to ensure long-term food security and economic stability.
He said that the recent National Bureau of Statistics data showing food inflation dropping to single digits in January provided relief for households facing rising cost-of-living pressures.
The ACCI boss said that lower food prices had strengthened purchasing power for many families that spent a significant share of their income on food.
He, however, said that sustained decline in farm-gate prices could negatively affect farmers’ earnings, rural economies and future agricultural output if not properly managed.
According to him, a vibrant agricultural sector remains critical to national food security, employment creation and long-term price stability.
He called for balanced policies that would ensure benefits for both consumers and farmers.
Obegolu said that introduction of market-friendly price stabilisation mechanisms would help to protect farmers from distress sales during periods of surplus production.
He said that implementing a guaranteed minimum price framework for selected staple crops would stabilise farmers’ incomes.
He said that strengthening strategic food reserves through structured government off-take could as well stabilise markets and reduce post-harvest losses.
The ACCI presideht called for greater investment in agro-processing hubs to absorb surplus production and enhance value addition across agricultural value chains.
He said that expanding cold chain systems and modern storage facilities would minimise waste and improve market efficiency.
He called for improved access to affordable agricultural financing through strengthened lending capacity of specialised institutions.
Obegolu emphasised the need for targeted input support such as fertilisers, improved seedlings and climate-smart extension services.
He highlighted the importance of improved security presence in farming communities to protect lives, crops and agricultural assets.
He urged the government to establish rapid-response mechanisms to address threats including banditry, herder-farmer conflicts and crop destruction.
According to him, the ACCI is advocating for improved rural road networks and logistics infrastructure to reduce transportation costs and improve market access.
He recommended trade and tariff policies affecting agricultural inputs to enhance competitiveness and efficiency.
“Policy consistency and predictability will encourage private sector investment in agriculture.
“Also, consumer welfare and farmer sustainability are mutually reinforcing pillars and needed to achieve resilient food systems and inclusive economic growth,” he said. (www.nannews.ng)
Edited by Kadiri Abdulrahman
