News in Brief:
– Nigeria’s Bank of Industry has launched a food palliative program to combat food insecurity in the country due to rising food prices.
– The program aims to distribute affordable food items through partnerships with food processors and state governments, targeting vulnerable citizens.
In response to the economic challenges and rising food insecurity in Nigeria, the Bank of Industry (BoI) has launched a food palliative program.
Speaking with the press, Dr. Doris Uzoka-Anite, the Minister for Industry, Trade and Investment, said the program’s alignment with the government’s efforts to support vulnerable Nigerians during the programme’s launch.
Also, she acknowledged the government’s awareness of skyrocketing food prices and its commitment to collaborating with stakeholders to address this challenge.
Meantime, the National Bureau of Statistics (NBS) data reveals a concerning inflation rate of 31.70%, with food inflation exceeding 37%, further highlighting the need for intervention.
BoI, is collaborating with the federal government to ensure the program reaches targeted beneficiaries across all Nigerian states and the Federal Capital Territory (FCT). The rollout will begin in Lagos and Abuja.
Furthermore, the Bank plans to partner with its existing food processing clients to procure food items at affordable prices. They will also work with state governors to distribute and donate the acquired food items. This programme signifies its commitment to social responsibility and its contribution to mitigating food insecurity in Nigeria.
