The Bank of Industry Limited (BOI) has introduced a mobile app to help Nigerians monitor real-time food prices across eight states. The app, accessible through Pricesense.ng allows users to compare costs of essential food items in wholesale and retail markets, providing detailed price breakdowns by state and date.
This initiative comes as Nigeria grapples with severe food inflation, which exceeded 40% by June 2024. The crisis is attributed to factors including erratic weather conditions, insecurity in agricultural regions, and rising farming input costs. Global organizations have raised alarms about Nigeria's food situation. The World Bank warned that seven Nigerian states could face severe hunger, while the FAO predicts up to 32 million Nigerians may struggle with food insecurity by the end of 2024.
The federal government has implemented measures to mitigate soaring prices, including temporary import duty waivers on food products, grain distribution across states, and discounted rice sales. However, these interventions may not fully address the structural issues affecting the agricultural sector.
The Federal Competition and Consumer Protection Commission (FCCPC Nigeria) is also working to tackle price manipulation, accusing some traders of artificially inflating food prices. The commission has taken action against supermarkets engaged in unethical pricing practices and warned traders to reduce prices or face sanctions.
