New mobile app to aid food price comparison across select states

.140 manufacturers to receive from N1b single-digit

The Bank of Industry (BoI) yesterday launched a mobile app intended to check live food prices across eight select states in the country.

The web version, Pricesense.ng, a price intelligence dashboard offering real-time data on price trends, will supposedly help users check the wholesale and retail prices of food commodities in different states across the country.

The available states are Borno, Plateau, Rivers, Oyo, FCT, Lagos, Enugu and Kano.

Further, the app provided for analytics of food prices across brand type, quantity and at different dates of the year.

Food prices have been on an upward trend in the past year in Nigeria with food inflation crossing 40 per cent in June 2024. A combination of disruption in regular weather patterns, insecurity in food-producing regions and high cost of farm inputs such as fertilisers and others have been attributed to be responsible for the current food crisis in the country.

Various international development organisations like the World Bank, Food and Agricultural Organisation (FAO) and Business organisations in Nigeria have predicted a record number of food insecure people in the country for 2024. The World Bank has noted that about seven states in the country would witness severe hunger while the FAO noted that up to 32 million Nigerians in 2024 would be food insecure with women and children mostly affected.

Efforts by the Federal Government to solve the crisis include the approval of duty-free food imports for 150 days and the distribution of grains to all 36 states of the federation.

IN a related development, BoI has revealed plans to provide loans of up to N1 billion each to 140 manufacturing companies across Nigeria as part of the Federal Government’s N75 billion Manufacturing Sector Fund.

BoI’s Managing Director, OlasupoOlusi, shared this during the bank’s first yearly public lecture in Abuja recently, stressing that this will enhance production, promote economic growth, and generate employment opportunities.

“About 140 manufacturing companies will receive loans of up to N1 billion at single-digit interest rates. The funds under this programme have been allocated to successful applicants across the six geopolitical zones of the country, and disbursements have commenced. For transparency, the programme is working with the Manufacturers Association of Nigeria (MAN) to ensure all beneficiaries are genuine manufacturers, providing additional validation of loan applicants.”

He highlighted that their provision of low-interest loans is designed to boost production, create jobs and drive sustainable growth in the sector. He noted that they’ve already disbursed N77.65 billion in loans to nearly 1,000 MSMEs across various industries nationwide.