In response to the rising food prices and economic challenges, the Lagos State government  (LASG) has initiated a strategic partnership, with MoMo Payment Service Bank (PSB) through the Lagos Fresh Food Hub.

BRANDPOWER reports that this initiative was a direct effort by the state government to provide relief to households,  by improving access to affordable and nutritious food options.

The MoMo PSB team, led by the Chief Commercial Officer, Elsa Muzzolini at a visit to the Food Hub, engaged with local traders, to integrate MoMo’s payment system.

Food prices increased in February 2024 – NBS

Muzzolini said that the move was  part of a broader effort to promote financial inclusion and community empowerment.

Commenting on the benefits of the initiative,  Eli Hini Chief Executive Officer of the Mo Mo PSB, the brand was of the  belief that financial inclusion and community empowerment, were  inextricably linked.

According to Hini,  partnership with the Lagos Food Hub extends beyond simply offering a convenient payment method.

She said it was a collaborative effort to guarantee that all Lagosians had  access to affordable and nutritious food.

According to her, this initiative not only supports consumers, but also bolsters the local agricultural economy.

“The collaboration between the Lagos Fresh Food Hub and MoMo PSB is a significant step in addressing Nigeria’s economic challenges.

“It highlights the positive impact that joint efforts can have on critical issues like food insecurity and financial exclusion.

“The outcomes of this program could encourage the development of similar initiatives in other cities that are dealing with rising food costs, contributing to a more stable and prosperous future, for those communities,’’ she said.

According to the Consumer Price Index for February 2024 published by the Nigerian Bureau of Statistics, the country faces a severe food inflation crisis.

She said  that 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.

Hini explained that this meant that  there had been a rise in prices of essential food items like bread, cereals, vegetables and meat,  by nearly 38 per cent,  in just one year.

She said that data also showed  that food inflation was not slowing down, as the month-on-month inflation rate for food rose to 3.79 per cent in February 2024, when compared to  the 3.21 per cent recorded in January 2024.

“This indicates that food prices are continuing to rise, further squeezing household budgets and worsening the food security situation for millions of Nigerians,”.

BRANDPOWER reports that the Fresh Food Hub is located in Idi-Oro, Mushin had quickly become an essential resource for the community, offering a wide variety of fresh produce sourced directly from local farmers.