The app, which was rolled out today, covers eight states and enables users to compare the costs of essential food items like rice, beans, tomatoes, and maize in both wholesale and retail markets. 

Accessible through the web platform, Pricesense.ng, the service provides detailed price breakdowns by state and date, allowing consumers to analyse and track fluctuations in food prices. 

The app also includes options for users to view data by brand and quantity, offering a detailed overview of market trends across the featured states: Borno, Plateau, Rivers, Oyo, the Federal Capital Territory (FCT), Lagos, Enugu, and Kano.

Food inflation in Nigeria has continued to rise, exceeding 40% by June 2024, according to recent reports. This increase is driven by multiple factors, including erratic weather conditions affecting harvests, constant insecurity in key agricultural regions, and the growing cost of farming inputs such as fertilisers. 

Global organisations like the World Bank and the Food and Agricultural Organisation (FAO) have recognised the worsening food situation in the country.

The World Bank specifically highlighted that seven Nigerian states could face severe hunger, while the FAO predicts that as many as 32 million Nigerians may struggle with food insecurity by the end of 2024. Vulnerable groups, particularly women and children, are expected to bear the brunt of this crisis.

In response to the ongoing food issue, the federal government has implemented several measures aimed at mitigating the effects of soaring prices. These include a temporary 150-day waiver on import duties for food products and the distribution of grains across the 36 states of the federation. 

Added to this, the government has introduced discounted rice sales, offering a 50kg bag for ₦40,000 in a bid to make staple foods more affordable. However, citizens point to the fact that these interventions may not be sufficient to address the structural issues affecting the agricultural sector.

Meanwhile, the Federal Competition and Consumer Protection Commission (FCCPC) are working to tackle price manipulation, accusing some traders of artificially inflating food prices. 

FCCPC Chairman, Mr Tunji Bello, recently pointed out that cartels operating within local markets have contributed significantly to the sharp rise in food costs, particularly for staple items. 

While acknowledging external factors like the weakened naira and higher fuel prices, the commission has condemned what it describes as exploitative practices by some market players. Earlier this year, the FCCPC shut down supermarkets accused of unethical pricing practices, and it has issued warnings to traders to reduce the prices of goods and services or face sanctions.

In a clarification, the FCCPC noted that its directive to lower prices was not an arbitrary demand but an effort to curb opportunistic profiteering by traders taking advantage of the current economic situation. 

Administered through the Bank of Industry (BOI) at an interest rate of 9%, these funds are targeted at enhancing economic revitalization and job creation.

Under the stewardship of Dr. Doris Uzoka-Anite, Minister of Industry, Trade, and Investment, this initiative aligns with President Tinubu’s goal of generating 50 million jobs, ushering in economic prosperity.

The funds, categorized into the Presidential Conditional Grant Scheme (PCGS), the FGN MSME Intervention Fund, and the FGN Manufacturing Sector Fund, cater to diverse segments of the business sector, highlighting the government’s aim at facilitating entrepreneurship and innovation.

The PCGS, valued at N50 billion, targets Nano Business owners, with a commitment to support a minimum of 1,000 beneficiaries per Local Government Area (LGA) across the nation, prioritizing women and youth empowerment.

Beneficiaries of the PCGS are exempt from repayment obligations, provided they meet specific eligibility criteria.

Again , the FGN MSME Intervention Fund, valued at N75 billion, seeks to alleviate the challenges faced by Micro, Small, and Medium Enterprises (MSMEs), offering a maximum of N1 million per beneficiary at a 9% interest rate.

Similarly, the N75 billion FGN Manufacturing Sector Fund aims to bolster eligible manufacturing companies, extending support of up to N1 billion per beneficiary at a comparable interest rate, enabling growth and innovation within the sector.

In tandem with this initiative, the Corporate Affairs Commission (CAC) collaborated with Moniepoint Micro Finance Bank to register two million MSMEs, in a bid to formalize their operations.

Registrar-General/Chief Executive of CAC, Hussaini Ishaq Magaji, articulated the commission’s objective of formalizing 20 million small businesses this year, anticipating a surge in job creation and revenue generation.