BoI unveils mobile app to monitor food prices in Nigeria

The Bank of Industry (BOI) has introduced a new mobile application that enables users to monitor the current wholesale and retail prices of various food items in Nigeria.

This app aims to provide a detailed overview of food prices across different regions, helping users make informed purchasing decisions.

Overview of the Bank of Industry mobile app

The mobile app and its web counterpart, Pricesense. ng offers real-time pricing data on a comprehensive range of essential food items such as rice, beans, tomatoes, and maize. It currently covers eight states, namely Borno, Plateau, Rivers, Oyo, FCT, Lagos, Enugu, and Kano, providing comprehensive coverage for users. Users can access analytics to compare prices based on factors like brand type, quantity, and varying dates throughout the year, ensuring they have all the information they need.

Context: Rising food prices in Nigeria

Nigeria has been experiencing a surge in food prices, with food inflation exceeding 40% as of June 2024. Factors such as irregular weather patterns, insecurity in vital food-producing regions, and rising costs of farming inputs like fertilisers have contributed to the price increase. International organisations like the World Bank, International Rescue Committee (IRC), and Food and Agricultural Organization (FAO) have projected record numbers of food-insecure people in Nigeria this year, with estimates suggesting that up to 32 million Nigerians, particularly women and children, could face food insecurity.

Government efforts to address the crisis

To address the issue of food inflation, the Nigerian authorities have launched several actions: the decision regarding the duty-free importation of foods into the Nigerian country for one hundred fifty days and the provision of grains to the 36 federation states. The government has also ventured into selling rice at its subsidised price of ₦40,000 for every 50kg bag.

Further, the Federal Competition and Consumer Protection Commission (FCCPC) has blamed the traders for taking advantage of the situation by forming trading cartels to increase the price of foods. In response, the FCCPC has shut down some supermarkets for unethical market behaviour and demanded that some traders reduce prices or face the consequences.

This new app from the BOI is expected to offer more clarity into food prices, enabling the consumer to make better decisions about what to purchase. Its potential to reduce the impact of the current food inflation hitches in Nigeria brings a ray of hope for a better future.