Lagos, MoMo PSB Partner To Drive Financial Inclusion, Food Security

The Lagos State government’s Food Hub has partnered MoMo PSB to drive financial inclusion and food security in the State.

In a statement by MoMo PSB, “as Nigeria grapples with soaring food prices and economic uncertainties, the impact on households is increasingly severe. 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 partnered with MoMo PSB to provide relief and enhance food accessibility for Lagosians.”

It stated further that, “the Lagos Fresh Food Hub has become a vital resource for residents seeking affordable and nutritious food. The hub sourced directly from local farmers and producers, with the aim to reduce the impact of rising food prices on consumers.”

The statement added that, “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.”

Speaking on the benefits of this initiative, chief executive officer, MoMo PSB Nigeria, Eli Hini said, “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.’’

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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 per cent, a significant increase of 13.57 per cent compared to February 2023.

This means the prices of essential food items like bread, cereals, vegetables, and meat have skyrocketed by nearly 38 per cent 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 per cent in February 2024, compared to 3.21 per cent 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.

Hini noted that, “the Lagos Fresh Food Hub and MoMo PSB partnership offers a glimmer of hope amidst the economic uncertainty gripping Nigeria. This initiative goes beyond just offering discounted groceries and cashless transactions.

“It is 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.”