The Abuja Chamber of Commerce and Industry (ACCI) has commended the Federal Government and the Central Bank of Nigeria (CBN) for policy measures that have contributed to improved macroeconomic stability and a recent decline in food inflation.
The ACCI President, Chief Emeka Obegolu, who made the comments on Tuesday in Abuja, said the reduction in food prices followed policies introduced by the Federal Government and the CBN, which he noted had helped ease pressure on households.
He referred to recent data from the National Bureau of Statistics showing food inflation dropping to single digits in January.
According to him, lower food prices have improved purchasing power for many families that spend a large share of their income on food.
He stated that the development provided some relief amid the high cost of living.
However, Obegolu warned that a sustained fall in farm-gate prices could reduce farmers’ incomes and weaken rural economies if not properly managed.
He explained that this could affect future agricultural output and long-term food security.
He stressed that agriculture remains critical to national food security, employment generation, and price stability.
He called for policies that balance consumer welfare with farmer sustainability.
Obegolu recommended market-friendly price stabilisation measures to protect farmers during periods of surplus production.
He stated that the guaranteed minimum prices for selected staple crops could help stabilise farm incomes and also called for stronger strategic food reserves through structured government off-take to reduce post-harvest losses and stabilise markets.
He urged greater investment in agro-processing hubs, cold chain systems, and modern storage facilities to improve efficiency across agricultural value chains.
The ACCI president further called for improved access to affordable agricultural finance through specialised lending institutions, alongside targeted input support such as fertilisers, improved seedlings, and climate-smart extension services.
He emphasised the need for improved security in farming communities to protect farmers, crops, and agricultural assets, and urged the government to respond swiftly to threats such as banditry and herder–farmer conflicts.
Obegolu also advocated better rural road networks, improved logistics infrastructure, and consistent trade and tariff policies affecting agricultural inputs.
He mentioned that policy consistency would encourage private sector investment and support resilient food systems.
Source: NAN
