ACCI President commends FG on recent decline in food Inflation, need to sustain agric prosperity

The Abuja Chamber of Commerce and Industry (ACCI) has commended the Federal Government and the Central Bank of Nigeria for the policy measures that have contributed to improved macroeconomic stability and the significant decline in food inflation.

Recent data released by the National Bureau of Statistics showing food inflation dropping to single digits in January 2026 represent a major relief for households across Nigeria.

This was contained in a statement by Emeka Obegolu, SAN, PhD, President, Abuja Chamber of Commerce and Industry (ACCI).

For millions of families who spend a substantial portion of their income on food, this development has eased cost-of-living pressures and strengthened purchasing power.

While this progress is commendable, the Chamber notes that a sustained decline in farm-gate prices could pose unintended risks to farmers’ incomes, rural purchasing power, and future agricultural output. A thriving agricultural sector remains fundamental to national food security, employment generation, and long-term price stability.

Ensuring a Win-Win Outcome for Consumers and Farmers
To preserve the gains of price stability while safeguarding farmer livelihoods, the ACCI respectfully recommends the following measures:

1. Introduce Market-Friendly Price Stabilization Mechanisms
   Implement a Guaranteed Minimum Price framework for selected staple crops to protect farmers from distress sales.
   Strengthen strategic food reserves through structured government off-take during surplus periods to stabilize markets and reduce post-harvest losses.
2. Expand Agro-Processing and Storage Infrastructure
   Invest in agro-processing hubs, cold chain systems, and modern storage facilities to absorb surplus production.
   Promote value addition to improve farmer incomes, create jobs, and reduce price volatility.
3. Improve Access to Agricultural Finance and Productivity Support
   Accelerate recapitalization and lending capacity of agricultural finance institutions to provide affordable credit.
   Provide targeted input support such as fertilizers and improved seedlings.
   Revitalize extension services to promote climate-smart, cost-efficient farming practices.
4. Strengthen Security and Reduce Structural Costs Facing Farmers
   Enhance security presence and community-based protection initiatives in farming areas to safeguard lives, crops, and agricultural assets.
   Establish rapid-response mechanisms to address threats such as banditry, herder–farmer conflicts, and crop destruction.
   Improve rural road networks and logistics infrastructure to lower transport costs.
   Review trade and tariff policies affecting agricultural inputs to enhance competitiveness and efficiency.
5. Sustain Macroeconomic Stability and Policy Consistency
   Maintain exchange rate stability and prudent monetary policy to preserve price moderation.
   Ensure policy predictability to encourage private sector investment across the agricultural value chain.

In conclusion, the ACCI, through its Agricultural Trade Group and other sectoral platforms, emphasizes that consumer welfare and farmer sustainability are mutually reinforcing pillars of national prosperity. The recent easing of food inflation offers welcome relief to Nigerian households; however, these gains can only be sustained through a resilient and profitable agricultural sector.

By adopting a balanced, market-friendly approach that protects farmers while maintaining affordability for consumers, Nigeria can secure a stable food system, strengthen rural economies, and advance inclusive economic growth.