The President of the Abuja Chamber of Commerce and Industry, Chief Emeka Obegolu, has praised the recent moderation in food inflation, describing it as a welcome development for households across the country.
He, however, stressed that deliberate measures must be introduced to safeguard farmers’ earnings and maintain agricultural output in order to secure lasting food security and economic stability.
Speaking in Abuja on Tuesday, Obegolu said the latest figures released by the National Bureau of Statistics, which indicate that food inflation eased to single digits in January, offer much needed relief to families grappling with high living costs.
According to him, the drop in food prices has improved purchasing power, particularly for households that devote a large share of their income to feeding.
While acknowledging the positive impact on consumers, the ACCI president cautioned that a continuous fall in farm gate prices could hurt farmers, weaken rural economies and discourage future production if not carefully managed.
He noted that agriculture remains central to national food sufficiency, employment generation and overall price stability.
Obegolu commended the Federal Government and the Central Bank of Nigeria for policy actions that have strengthened macroeconomic conditions and contributed to the easing of food prices.
He said the progress recorded so far should be consolidated through balanced policies that protect both producers and consumers.
To achieve this, he proposed the introduction of market driven price stabilisation measures to shield farmers from losses during periods of surplus harvest.
He also advocated a guaranteed minimum price arrangement for selected staple crops to ensure predictable income for producers.
The chamber president further recommended strengthening strategic food reserves through structured government purchase programmes to steady the market and reduce post-harvest losses.
Investment in agro processing centres, he added, would help absorb excess produce and promote value addition along agricultural chains.
He called for expansion of cold storage facilities and modern warehousing systems to cut waste and improve efficiency.
Access to affordable credit through stronger agricultural lending institutions, alongside targeted support such as fertilisers, improved seedlings and climate smart advisory services, was also identified as critical.
Obegolu emphasised the importance of improved security in farming communities to safeguard lives and protect crops and assets.
He urged authorities to develop swift response systems to tackle threats such as banditry, clashes between herders and farmers and destruction of farmlands.
In addition, he pressed for better rural road networks and logistics infrastructure to lower transportation costs and expand market access. Reviewing trade and tariff policies affecting farm inputs, he said, would also enhance competitiveness within the sector.
He maintained that consistent and predictable policies would boost investor confidence in agriculture.
According to him, protecting consumers while sustaining farmers is essential to building resilient food systems and achieving inclusive economic growth.
