The Bank of Industry has launched a mobile app and a web platform, Pricesense.ng, to help users monitor live food prices in real-time across eight states in Nigeria.
The app provides access to wholesale and retail prices for essential food items such as rice, beans, tomatoes, and maize, according to Nairametrics.
The states included in this service are Borno, Plateau, Rivers, Oyo, FCT, Lagos, Enugu, and Kano, enabling consumers and businesses to make informed purchasing decisions.
The app also offers analytics on food prices based on brand type, quantity, and various dates throughout the year.
This feature allows users to track price trends and make more informed decisions.
Food prices in Nigeria have surged over the past year, with food inflation exceeding 40% in June 2024.
This increase is largely attributed to disruptions in weather patterns, insecurity in food-producing regions, and the rising costs of farm inputs like fertilizers.
These factors have significantly contributed to the ongoing food crisis in the country.
International development organizations such as the World Bank, International Rescue Committee and the Food and Agricultural Organization have predicted a record number of food-insecure individuals in Nigeria for 2024.
The World Bank anticipates that seven states will experience severe hunger, while the FAO estimates that up to 32 million Nigerians will face food insecurity, with women and children being the most affected.
In response, the federal government has implemented measures to mitigate the crisis, including the approval of duty-free food imports for 150 days and the distribution of grains to all 36 states.
Additionally, the federal government has initiated the sale of rice at a discounted price of N40,000 for a 50kg bag.
