NACCIMA backs Tinubu, govs decision on food production, price control

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has thrown its weight behind the decisions of the Federaland state governors to intervene in the local production of food to curb the rising food crisis in the country.

NACCIMA also backed the decision of President Bola Ahmed Tinubu against price control as a measure to drive down soaring prices of food items in the country.

The National President of NACCIMA, Dele Oye, in a statement titled “NACCIMA’s position on food security and measures to reinforce local agricultural productivity,” supported the President and the governors.

He 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.

Read also: Naira recovers, appreciates slightly to ₦1498.25/$1 at official window

“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 750 Naira to one USD is essential. A stable currency will not only make agricultural inputs more affordable but will also bolster consumer purchasing power.”

Oye noted that to further give incentives to local production, the government should facilitate access to more single-digit interest loans and grants for farmers.’’

According to him, financial support is pivotal in empowering farmers to scale up production and adopt modern agricultural practices.

“Additionally, we appeal for the enhancement of security and infrastructure in farming communities. These measures will mitigate the risks faced by farmers, reduce production bottlenecks, and increase efficiency throughout the agricultural value chain.

“We concur with the President’s call for vigilance against hoarding practices that exploit consumers and distort market dynamics. NACCIMA advocates for fair trade practices that encourage competitive pricing without compromising the welfare of our local producers and consumers.”

On livestock development, Oye urged the state governments to take proactive steps in increasing poultry and fishery production.

He added: “This diversification will not only enrich the Nigerian diet but also create numerous employment opportunities within these sub-sectors.”

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