Chief Executive, Niji Group, Kolawole Adeniji has said diesel price increase is hitting the agriculture sector hard.
He said fuel price increase is having a negative impact on agricultural production.
According to him, farmers’ input costs are skyrocketing, adding that fertiliser, pesticides, and herbicides, have seen staggering increases, expressing concern that this would impede farmers’ ability to produce more food.
He said the diesel price increase came on the back of a sharp increase in other input costs.
He reiterated that diesel ice hikes has increased agricultural input costs, sa farmers are paying more for fuel.
According to him, consumers would be negatively affected, with the price increases set to drive up food inflation due to the additional transport costs, as well as adding additional strain on consumer spending due to increased personal transport costs.
President, Association of Micro Entrepreneurs of Nigeria(AMEN),Prince Saviour Iche called on the government to intervene on the diesel price hikes to save jobs.
He said if nothing was done to help the industry, Nigeria must brace for more job losses.
He noted that diesel price increase is putting pressure on the entire small and medium scale business value chain and could lead to increased job losses.
According to him, profit margins were gradually shrinking, and it would be difficult for them to continue to absorb costs in the medium term if the situation does not improve.
He said “A lot of entrepreneurs are on life support. Don’t be surprise if we start buying a sachet of water for N20.”
A printer, Pastor Badebo Solomon, said the situation is grievous. His words: “ If we are buying diesel for N800 per litre and N24,000 for 30 litres, what can we achieve running the generator for two hours? It is taking away the profit. It is sad the government is not doing anything about it.’’