By Adedapo Adesanya
The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has lauded the recent “home-grown” moves by President Bola Tinubu towards solving the rising food crisis in the country.
The National President of the body, Mr Dele Oye, said the approaches, which include providing home-grown solutions to address the nation’s food security challenges by setting up schemes to support local production and discourage all forms of rent-seeking that are associated with food importation, aligns with its objectives.
At a meeting with 36 state governors, in Abuja on Thursday, Mr Tinubu said he was determined to ensure the citizens do not go hungry. The meeting was also attended by Vice-President Kashim Shettima, the National Security Adviser, the Inspector-General of Police, the Director-General of the DSS, and some ministers.
In reaction, Mr Oye said, “We commend the President’s directive to state and Federal Government agencies to enhance collaboration in bolstering local food production rather than resorting to food importation and price control.
“This approach aligns with NACCIMA’s core objectives of championing the agricultural value chain and supporting local producers. It is a vital step toward self-sufficiency and economic resilience.
“However, we believe that the issue of rising food costs is multifaceted. While local production capacity is a critical factor, we cannot overlook the significant impact of the depreciating value of the Naira.”
“The current exchange rate exerts inflationary pressure on input costs, thereby affecting overall food prices. To counter this, a robust economic policy aimed at defending the Naira to reach an acceptable exchange rate of N750 to one US Dollar is essential.
“A stable currency will not only make agricultural inputs more affordable but will also bolster consumer purchasing power,” he added.
Recall that the federal government has said there would be no need to import food items into the country amid soaring food costs.
Mr Tinubu last year declared a state of emergency on agriculture and promised certain interventions in crop production and livestock development and management.
However, this has not helped staunch the worrying rise in food prices or inflation in general as the country’s headline figures increased to 29.90 per cent in January 2024 from 28.92 per cent recorded in December 2023 amid rising food prices.
Nigeria’s food inflation rate in January 2024 increased to 35.41 per cent on a year-on-year basis, which was 11.10 per cent higher compared to the rate recorded in January 2023 at 24.32 per cent.
