The Bank of Industry has launched a palliative food programme to cushion the effect of economic challenges Nigerians are facing.
Minister for Industry, Trade and Investment, Dr Doris Uzoka-Anite, who launched the programme at the BoI’s head office in Lagos, recently, said the move came on the heels of the current administration’s effort to support the vulnerable.
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.”
According to the Managing Director, BOI, Dr Olasupo Olusi, the development finance institution is working closely with the Federal Government to ensure that the palliative gets to the targeted beneficiaries across the 36 states, including the Federal Capital Territory starting in Lagos and Abuja.
He said that the bank would be engaging its food processing customers for the purchase of food items at affordable prices while also working with all the state governors for the sharing/donation of the purchased food items.
BOI recently launched the Presidential Conditional Grant Scheme, which provides N50,000 grants to qualifying small businesses across various sectors nationwide.
According to the National Bureau of Statistics, the country’s inflation stood at 31.70 per cent in February, driven majorly by food inflation, which was 37.92 per cent.
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