… as Nigerians Seek FG’s Intervention
By Yahaya Umar
President, Abuja Chamber of Commerce and Industry ,ACCI, Emeka Obegolu has expressed deep concern over the persistent hike in the price of food, commodities across the country.
The ACCI in a statement, said the daily price increments were adversely affecting small-scale business owners and escalating poverty levels.
Obegolu said the situation, if unaddressed, would cripple small-scale businesses which are struggling to adjust to various economic reforms by the Bola Tinubu-led administration.
“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.
“It is rendering basic meals increasingly unaffordable for many households”, he said.
According to Obegolu, official National Bureau of Statistics ,NBS, records indicated a staggering 35.41% food inflation rate in May 2023.
He said that on-ground observations suggest that the actual food inflation rate exceeded 50%, 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.
Obegolu, the Organised Private Sector leader in the FCT and environs, emphasised the urgent need for government intervention to address the escalating food crisis.
He said that failure to act promptly could lead to malnutrition and further aggravate the nation’s socio-economic challenges.
“Food is a fundamental necessity of life, and its affordability directly impacts the well-being of citizens.
“The escalating food inflation crisis threatens food security and exacerbates poverty.
“The government must take decisive action to mitigate this crisis and alleviate the populace’s suffering”, he said.
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.
The ACCI President said this would foster sustainable socio-economic development within the country.
Obegolu quoted the Chief Executive Officer of Araba Technology, Amb. Segun Olugbile, as urging the ACCI to initiate business actions against the food crisis and hunger in the FCT.
According to Olugbike, the food crisis is becoming a severe issue due to multifaceted challenges affecting farmers and herders, climate change and the current high inflation.
He said the ACCI was at a critical juncture as the FCT was facing an escalating food crisis and hunger emergency, due to challenges impacting food production and supply chains.
“With an estimated 24.7 million individuals affected by food and nutrition insecurity across 26 states, including the FCT, urgent action is imperative.
“The ACCI can play a pivotal role through collaboration with government and stakeholders to avert a worsening crisis and bolster regional food security.
According to him, “The resulting exchange rate volatility has disrupted businesses, increased production costs, and thwarted projections for economic growth”.
Speaking on controlling and corrective measures to be implemented, Obegolu emphasised the urgent need for government intervention to address the escalating food crisis, warning that failure to act promptly could lead to future health and state crises.
“Food is a fundamental necessity of life, and its affordability directly impacts the well-being of citizens. The escalating food inflation crisis poses a severe threat to food security and exacerbates poverty levels.
“The government must take decisive action to mitigate this crisis and alleviate the suffering of the populace”, the ACCI boss said.
In the same vein Canteen and restaurant owners also decried the rising cost of beans as they seek Federal Government’s intervention over the staple food.
The food vendors said this in separate interviews in Lagos. In recent times the price of beans has tripled in the market nationwide.
A 40kg bag of beans, which sold for N26,000 in January, now sells for N115,000, while a 100kg bag which sold for N55,000 at the beginning of the year, now sells for N230,000 to N280,000 per bag depending on the species.
Mrs Kemi Adebayo, a restaurant owner in Alagutan, Alimosho area, lamented that food vendors are not making profit from the sale of beans owing to the price hike.
“We do not know how to do it anymore, we are just selling to be in business. We are not making profits at all. Beans has become gold.
“If there is anything the government can do to help us, it will go a long way to help. We sell beans now for N300 per spoon.
“This is the highest we have seen since I started this cooking business. There are no alternatives to beans, we have thought of any alternative to beans. In fact, the price of all food items is on the increase.
“Even people that ask for spaghetti to mix with their rice have no choice but to buy beans. It is a necessary dietary requirement”, Adebayo said.
A trader of mashed beans locally known as ‘Ewa Agoyin’ at the Folarin area of Alimosho, Mrs Titilayo Oremeji, said they can no longer buy the produce in large quantities since the hike.
“I mainly sell beans because the locals prefer the ‘Ewa Agoyin’ delicacy but the price hike is crippling business.
“I usually buy a bag of beans for business but I can’t afford to buy it now. I just bought a few ‘derica’ to cook for my customers this morning.
“Presently, a cup sells for as high as N1,700, we bought a derica for N500 early in January.
“I was told to go to the Agege Market, that I would get a bag of mixed species of beans at N220,000 as against N260,000 to N280,000 for the regular beans”, Oremeji said.
She noted that “food vendors have started selling beans for N200 per serving spoon, so as to break even.
“There are indeed no alternatives to beans, though to feel satisfied, some of our customers order fried plantain, yam and bread with the beans they can afford.
“We just want the government to wade into this situation and make things easy for the average Nigerian”, she said.
On her part, a cooked food trader popularly known as Iya Adetoun, at Apatira Street, Alimosho, decried the situation and how they have cut down on the volume they cook daily.
“The rising price of beans is biting hard on our business, but we have no choice but to sell as we buy.
“We have increased the price of beans per serving. Before the price hike, we used to sell a spoon at N50 but now, we sell at N200 per serving spoon.
“There are no alternatives to beans, though some customers combine their meals with spaghetti, most still insist on beans.
“We have reduced the quantity we sell because not everyone can afford the usual staple food”, she said.
A civil servant, Mrs Ada Okoye, a mother of three, said that the price of beans has become very alarming and beyond the reach of many Nigerians.
koye said she had to look for other alternative to beans like pigeon peas popularly known as ‘fiofio’ in Igbo.
“I had to look for other seedlings in form of beans to buy which are lesser in price, like pigeon peas.
“I do also buy beans but I have reduced the amount and frequency in cooking it so that we at least eat it”, she said.
Mrs Iyabo Bello, a mother of three, said that it has become very difficult to eat balanced diet in Nigeria.
“The hike of beans price is worrisome, owing that the commodity is one of the major source of protein that people commonly consume.
“It’s over two months that I ate beans last because of the hike in price, as my salary cannot afford extra cost because everything is costly in the market.
“Even other sources of protein are costly and people are now struggling to have balanced diet in this country”, Bello said.
She called on the Federal Government to tackle the persistent rising food inflation and food insecurity in the country to prevent imminent hunger.
