The Bank of Industry (BOI) has initiated a significant response to combat the prevailing issue of food insecurity in Nigeria.
The programme, unveiled by Dr. Doris Uzoka-Anite, Minister for Industry, Trade, and Investment, aims to provide relief to Nigerians facing economic hardships, and a testament to the government’s commitment to supporting vulnerable populations amidst economic challenges.
The Minister stated “The launch of the BOI Palliative programme is a strong commitment to food security. We are seeking ways to address the food insecurity issues currently being faced in the country.
“The Federal Government is aware of the skyrocketing food prices and is working with relevant stakeholders in the food value chain to address this challenge.”
BOI’s Managing Director, Dr. Olasupo Olusi, on his part outlined the Bank’s collaborative efforts with the Federal Government to distribute palliatives across the country, starting with Lagos and Abuja.
He said: “The food palliative programme is a clear demonstration of the Bank’s commitment to the Renewed Hope Agenda of the current administration.”
Under the terms, BOI plans to procure food items at reasonable prices through partnerships with food processing customers and work with state governors to ensure equitable distribution, following the recent launch of the Presidential Conditional Grant Scheme, providing N50,000 grants to eligible small businesses nationwide.
Amid current inflationary prressure, particularly in food prices, BOI’s intervention seeks to alleviate the burdens faced by vulnerable communities and bolster economic resilience.
The Federal Government is aware of the skyrocketing food prices and is working with relevant stakeholders in the food value chain to address this challenge.
