Rising Food Prices: Lagos Govt Partners MoMo PSB to Drive Financial Inclusion, Food Security

The Lagos State government and a private company known as MoMo PSB has concluded plans to partner in order to address the soaring food prices in the country and the state. In a press statement that was made available to Africa Health Report on Thursday, the collaboration is strategic in the sense that it aims at making foodstuffs affordable to household, as well as give them some relief.

In the statement MoMo PSB noted that in response to the rising food prices and economic challenges, Lagos State has initiated a strategic partnership with MoMo PSB through the Lagos Fresh Food Hub.
According to MoMo, “This initiative is a direct effort by the state government to provide relief to households by improving access to affordable and nutritious food options, as Nigeria grapples with soaring food prices and economic uncertainties, the impact on households is increasingly severe.

The statement said, “The surge in food inflation has left many families struggling to afford essential items, exacerbating the economic challenges faced by residents across the country.

“In response to this crisis, the Lagos State Government’s Food Hub has partnered with MoMo PSB to provide relief and enhance food accessibility for Lagosians.

“The Lagos Fresh Food Hub, strategically located in Idi-Oro, Mushin, has become a vital resource for residents seeking affordable and nutritious food.

“The hub offers a diverse range of fresh farm produce, including fruits, vegetables, grains, and proteins. “By sourcing directly from local farmers and producers, the Food Hub aims to reduce the impact of rising food prices on consumers.

Last weekend, the MoMo PSB team, led by the Chief Commercial Officer, Elsa Muzzolini , arrived at the Lagos Fresh Food Hub with a community-focused mission.

“Recognizing the essential role local traders play in the city’s food system, the MoMo PSB team adopted a hands-on approach, forging strong relationships with the vendors and ensuring a seamless integration of MoMo’s payment system.

“This collaborative spirit transcended sales transactions, demonstrating MoMo PSB’s commitment to community empowerment and financial inclusion, creating a win-win scenario for all involved – both local traders and consumers.

“Commenting on the benefits of this initiative, Eli Hini, Chief Executive Officer, MoMo PSB Nigeria, shared his thoughts, “At MoMo PSB, we hold the belief that financial inclusion and community empowerment are inextricably linked.

“Our partnership with the Lagos Food Hub extends beyond simply offering a convenient payment method; it’s a collaborative effort to guarantee that all Lagosians have access to affordable and nutritious food.’’

“According to the Consumer Price Index for February 2024 published by the Nigerian Bureau of Statistics, the country faces a severe food inflation crisis. The year-on-year food inflation rate reached a staggering 37.92%, a significant increase of 13.57% compared to February 2023.

“This means the prices of essential food items like bread, cereals, vegetables, and meat have skyrocketed by nearly 38% in just one year. “This sharp rise in food costs makes it increasingly difficult for Nigerians to afford basic necessities, pushing many families towards hunger and forcing them to cut back on essential food items.

The data also shows that food inflation is not slowing down.

“The month-on-month inflation rate for food rose to 3.79% in February 2024, compared to 3.21% in January 2024.

“This indicates that food prices are continuing to rise at an alarming rate, further squeezing household budgets and worsening the food security situation for millions of Nigerians.

The Lagos Fresh Food Hub and MoMo PSB partnership offers a glimmer of hope amidst the economic uncertainty gripping Nigeria.

It added, “This initiative goes beyond just offering discounted groceries and cashless transactions. It’s a testament to the power of collaboration in tackling complex issues like food insecurity and financial exclusion. Looking ahead, the success of this initiative could inspire similar programs in other cities struggling with rising food prices.

“By working together – government, businesses, and communities – a path towards a more secure and prosperous future becomes a tangible possibility”.



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