ABUJA CHAMBER EXPRESSES CONCERN OVER RISING FOOD PRICES

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The Abuja Chamber of Commerce and Industry, has expressed deep concern over the persistent rise in commodity prices.

The chambers President, Emeka Obegolu, in a statement, said the daily price increments were adversely affecting small-scale business owners and escalating poverty levels.

According to Obegolu, official National Bureau of Statistics records indicated a staggering 35.41 per cent food inflation rate in May 2023.

He said that on-ground observations suggest that the actual food inflation rate exceeded fifty percent, 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.

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Obegolu, the Organized Private Sector leader in the FCT and environs, emphasized the urgent need for government intervention to address the escalating food crisis.

According to the President, the economic situation also adversely affected the business community, particularly farmers and agricultural product sellers.

He, therefore, called for urgent measures to stabilize food prices, enhance food security, and alleviate Nigerians’ economic burden.

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