In a proactive response to Nigeria’s escalating food prices, the Bank of Industry (BoI) has introduced a mobile application aimed at helping consumers monitor real-time food prices across eight states.
This initiative, announced on Thursday, unveils Pricesense.ng, a platform designed to provide users with easy access to wholesale and retail prices of essential food items such as rice, beans, tomatoes, and maize.
The application currently covers key states including Borno, Plateau, Rivers, Oyo, the Federal Capital Territory (FCT), Lagos, Enugu, and Kano.
Users can not only check current prices but also analyze trends over time, allowing them to compare food prices by brand, quantity, and date.
The launch of Pricesense.ng is particularly timely, given the concerning rise in food inflation, which surpassed 40% in June 2024.
This spike in prices is attributed to several factors, including irregular weather patterns that disrupt agricultural production, instability in key food-producing regions, and soaring costs of agricultural inputs like fertilizers and pesticides.
International development organizations have raised alarms about the food crisis in Nigeria, predicting that a record number of individuals will face food insecurity in 2024.
The World Bank has specifically identified that seven states are likely to experience severe hunger, while the Food and Agricultural Organization (FAO) estimates that up to 32 million Nigerians will be food insecure, with women and children disproportionately affected by this crisis.
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In an effort to mitigate the impact of rising food prices, the federal government has implemented several measures. These include the approval of duty-free food imports for 150 days, aimed at increasing the availability of essential food items.
Additionally, the government has initiated a distribution program for grains across all 36 states, providing much-needed relief to vulnerable populations. Reports indicate that the government has also begun selling rice at a subsidized rate of N40,000 per 50kg bag, making it more accessible to consumers grappling with inflated prices.
As food prices continue to surge, the Federal Competition and Consumer Protection Commission (FCCPC) has intervened by accusing traders of price gouging.
According to FCCPC chairman, Mr. Tunji Bello, some traders have formed cartels in markets, leading to a significant and unjustified increase in food prices. While the commission acknowledges that factors like fluctuating exchange rates and rising petrol costs have contributed to the unsustainability of previous price levels, it has expressed concern over the disproportionate price hikes that exploit consumers.
The FCCPC has taken decisive action in response to these issues, closing several supermarkets that were found to be engaging in unethical pricing practices. Earlier this year, the commission ordered traders nationwide to lower their prices within a month or face regulatory actions.
However, this directive was later clarified to emphasize that the goal was not to enforce arbitrary price reductions, but rather to put an end to exploitative practices that burden consumers.
As Nigeria grapples with these pressing food challenges, the launch of Pricesense.ng represents a significant step toward promoting transparency and informed decision-making in food purchases. By providing consumers with the tools to track food prices in real time, the app aims to alleviate some of the financial strain caused by the ongoing food crisis and support efforts to ensure food security for all Nigerians.
