NLC, OPS Express Concerns Over Rising Inflation Amid Failed Food Import Policy

The Nigeria Labour Congress (NLC) and the Organized Private Sector (OPS) have raised alarm over the potential economic consequences of the government’s failed food import policy, warning that the country is at risk of facing higher inflation rates. Both groups argue that the policy, which aimed to reduce the importation of food items and encourage local production, has not yielded the expected results, leading to increased food prices and economic instability.

The NLC has expressed concern that the failure of the policy is putting additional pressure on working-class Nigerians, who are already grappling with the rising cost of living. The union warns that the situation could lead to widespread hardship, particularly for low-income earners, as basic food items become less affordable.

In a statement, the NLC emphasized that the government’s inability to implement effective agricultural reforms and support local farmers has exacerbated the food supply crisis. “The policy intended to reduce food imports should have been coupled with measures to boost local production, but instead, we are seeing a rise in food prices and inflation, which is detrimental to the average Nigerian,” the statement read.

Similarly, the OPS has expressed concerns about the broader economic impact of the policy. Business leaders argue that the inability to secure a steady supply of affordable food imports has led to an increase in production costs, particularly in sectors reliant on agricultural inputs. These rising costs are, in turn, being passed on to consumers, contributing to the inflationary pressures affecting the economy.

“The policy was well-intentioned, but without adequate infrastructure and support for local farmers, it has backfired,” said Muda Yusuf, Director-General of the Lagos Chamber of Commerce and Industry (LCCI). He called for a more balanced approach that includes both domestic agricultural support and controlled imports to stabilize prices.

Economic experts predict that inflation could continue to rise unless the government revises its food import policy and implements more effective strategies to increase local production and improve supply chains. They also emphasize the need for comprehensive agricultural reforms, including better access to financing for farmers, improved irrigation systems, and modern farming techniques.

In response to the concerns, the government has pledged to review the policy and engage with stakeholders to find a sustainable solution. However, the NLC and OPS have urged for swift action, warning that further delays could exacerbate the economic challenges facing Nigerians.

As the inflation rate continues to climb, the NLC, OPS, and other stakeholders are calling for urgent policy adjustments to stabilize food prices and alleviate the economic burden on the population.