BOI unveils palliative programme to tackle food insecurity

The Bank of Industry (BOI), a development financing institution in Nigeria, has launched a palliative food programme to tackle food insecurity and other economic challenges in Nigeria.

Doris Uzoka-Anite, minister for Industry, Trade and Investment launched the programme at the BOI’s head office in Lagos. She highlighted that the move was due to the current administration’s effort to support the vulnerable.

“The launch of the BOI palliative programme is a strong commitment to food security. We are seeking ways to address the food insecurity issues currently being faced in the country.”

She added that the Federal Government is aware of the skyrocketing food prices and is working with relevant stakeholders in the food value chain to address this challenge.

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According to Olasupo Olusi, MD at BOI, the development finance institution works with the Federal Government to ensure that the palliative gets to the targeted beneficiaries across the 36 states, including the Federal Capital Territory starting in Lagos and Abuja.

He said that the bank would be engaging its food processing customers for the purchase of food items at affordable prices while also working with all the state governors for the sharing/donation of the purchased food items.

BOI recently launched the Presidential Conditional Grant Scheme, which provides N50,000 grants to qualifying small businesses across various sectors nationwide.

According to the National Bureau of Statistics, the country’s inflation stood at 31.70 percent in February, driven majorly by food inflation, which was 37.92 percent.

BOI is Nigeria’s oldest and largest development financing institution. It exists to facilitate the transformation of Nigeria’s industrial sector by providing financial and advisory support for the establishment of large, medium, and small projects/ enterprises, and the expansion, diversification, rehabilitation, and modernisation of existing enterprises.