The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) supports federal and state government interventions in local food production as well as President Bola Ahmed Tinubu’s stance against price control to address the food crisis. NACCIMA’s President, Dele Oye, praised the President and governors for prioritizing local food production over imports and price control. This approach supports NACCIMA’s objectives of championing agriculture and supporting local producers, a vital step for self-sufficiency and economic resilience. We believe that rising food costs are multifaceted, with local production capacity and the depreciating value of the Naira both playing significant roles. Please shorten this text:
To limit inflation and control food prices, a strong economic policy targeting an exchange rate of 750 Naira per USD is crucial. A stable currency will not just reduce agricultural input costs but also boost consumer purchasing power. To encourage local production, the government should facilitate access to low-interest loans and grants for farmers. According to him, financial support is crucial for empowering farmers to increase production and adopt modern agricultural practices. We also request improved security and infrastructure in farming communities. These measures will reduce risks for farmers, address production bottlenecks, and enhance agricultural value chain efficiency. We agree with the President’s call to remain vigilant against hoarding practices that exploit consumers and distort market dynamics. NACCIMA supports fair trade practices that promote competitive pricing while prioritizing the wellbeing of local producers and consumers. Oye also urged state governments to enhance poultry and fishery production for livestock development. He stated that diversification will enhance the Nigerian diet and generate employment within these sub-sectors.