Christmas, known as the season of good cheer, took a gloomy turn for many Nigerians this year as the rising cost of festive essentials casts a shadow over celebrations. With higher prices impacting everything from food and drink to gift items, Nigerian households grappled with increased financial strain.
The costs of basic necessities essential for a joyful Christmas celebration have surged, with families having to allocate more of their budgets to food, beverages, clothing, shoes, and transportation.
According to the National Bureau of Statistics (NBS), Nigeria’s headline inflation rate for November 2023 stood at 28.2 percent, marking the 11th consecutive month of inflationary increases. This rate is the highest recorded since July 2005, spanning over 18 years. A previous NBS report on the Customer Price Index for October also revealed a rise in the headline inflation rate to 27.33 percent, up from September’s 26.72 percent.
With these economic challenges looming large, many Nigerian families face the prospect of a less-than-merry Christmas and New Year celebration due to the surge in the prices of goods and services.
In a heartwarming response to this growing concern, Mutual Trust MFBank Limited, a Nigerian microfinance bank headquartered in Abuja, organized a one-day feeding initiative as part of its corporate social responsibility (CSR) program. This initiative aimed to provide underprivileged individuals and families with various packages of food and water to brighten their festive season.
The bank collaborated closely with local partners to identify those in need, ensuring the initiative reached the most deserving beneficiaries.
Addressing attendees at the event, Josh Oyebisi, managing director/CEO of Mutual Trust MFBank Limited, characterized the Feeding Initiative project as a crucial component of the bank’s CSR mission to give back to the community.
“The Mutual Trust MFBank Feeding Initiative is a CSR endeavor that seeks to support vulnerable members of society and alleviate hunger, especially during this festive season,” he stated. “We hope that this initiative will make a meaningful difference in the lives of people who are struggling to put food on their tables for themselves and their families.”
The bank’s feeding initiative received widespread commendation from local community leaders and beneficiaries, including widows, children, and elderly men.
Speaking at the event, Gbenga Adetola, the Chief Corporate Services Officer of Mutual Trust MFBank Limited, emphasized the vital importance of the initiative as a service to humanity. “Numerous individuals are grappling with the challenge of putting food on the table during the festive season,” he noted. “The bank’s feeding initiative is just one of the ways in which we are giving back to the community. Our bank also actively supports various charitable organizations, including schools, hospitals, and orphanages.”
Mutual Trust MFBank’s CSR program constitutes a significant part of its overarching mission, reflecting the institution’s commitment to improving the community. The bank firmly believes in its responsibility to contribute to the betterment of society, and its feeding initiative stands as a testament to this enduring commitment.
As Nigerians grapple with the economic hurdles posed by inflation, acts of goodwill like the one organized by Mutual Trust MFBank are a beacon of hope, bringing warmth and joy to those in need during the festive season.