The Bank of Industry (BOI), a prominent development financing institution in Nigeria, has unveiled a palliative food program aimed at combating food insecurity and addressing economic challenges in the country.
The program was launched by Doris Uzoka-Anite, the Minister for Industry, Trade, and Investment, at the BOI’s head office in Lagos. Uzoka-Anite emphasized that the initiative reflects the current administration’s commitment to supporting the vulnerable population.
“The launch of the BOI palliative program demonstrates a strong commitment to food security. We are exploring solutions to tackle the food insecurity challenges currently affecting the country,” she stated.
She further acknowledged the Federal Government’s awareness of the significant increase in food prices and assured that collaborative efforts with relevant stakeholders in the food value chain are underway to mitigate this challenge.
Olasupo Olusi, Managing Director at BOI, highlighted that the development finance institution collaborates closely with the Federal Government to ensure the effective distribution of palliatives to targeted beneficiaries across all 36 states, including the Federal Capital Territory, with initial rollouts in Lagos and Abuja.
Olusi explained that BOI would engage its food processing customers to purchase food items at affordable prices. Additionally, the bank will work in tandem with state governors for the distribution and donation of the purchased food items.
In addition to the palliative food program, BOI recently introduced the Presidential Conditional Grant Scheme, offering N50,000 grants to qualifying small businesses across various sectors nationwide.
The country’s inflation rate stood at 31.70 percent in February, with food inflation contributing significantly at 37.92 percent, according to the National Bureau of Statistics.
BOI, Nigeria’s oldest and largest development financing institution, is dedicated to facilitating the transformation of the industrial sector by providing financial and advisory support for the establishment, expansion, and modernization of enterprises across various scales.
