The Bank of Industry (BOI) has today announced the launch of a mobile app to check live food prices across 8 states in the country.
The web version, Pricesense.ng helps users check the wholesale and retail prices of food items such as rice, beans, tomato, maize and others in different states across the country.
The states available are Borno, Plateau, Rivers, Oyo, FCT, Lagos, Enugu and Kano.
Furthermore, the app provides for analytics of food prices across brand type, quantity and at different dates of the year. Click here to access the website.
Rising food prices in Nigeria
Food prices have been on the upward trend in the past one year in Nigeria with food inflation crossing 40% in June, 2024. A combination of disruption in regular weather patterns, insecurity in food producing regions and high cost of farm inputs such as fertilisers and others have been attributed to be responsible for the current food crisis in the country.
Various international development organisation like the World bank, International Rescue Committee (IRC) and the Food and Agricultural Organisation (FA0) had predicted record number of food insecure people in the country for 2024.
In particular, the world bank noted that around seven states in the country would witness severe hunger while the FAO noted that up to 32 million Nigerians in 2024 would be food insecure with women and children mostly affected.
Efforts by the federal government to quell the crisis include the approval of duty-free food imports for 150days and distribution of grains to all 36 states of the federation.
Furthermore, the federal government has also begun the sale of rice at a discount price of N40,000 per 50kg bag.
FCCPC’s allegation on rising prices of goods and services
On the other hand, the Federal Competition and Consumer Protection Commission (FCCPC) had accused traders of price gouging leading to the high cost of staple foods in the country. The FCCPC Boss, Mr. Tunji Bello, stated that some traders forming cartels in markets across the country are responsible for the sharp rise in food prices.
- While the commission acknowledged that factors like the exchange rate and the increase in petrol prices have made previous prices unsustainable, it criticized the disproportionate price hikes, which Mr. Bello attributed to cartels seeking to exploit consumers.
- The commission this year had closed some supermarkets it accused of unethical market practices with respect to prices of goods. Furthermore, the commission had earlier ordered traders across the country to crash prices of goods and services within one month or face its actions.
- However, it later clarified its position stating that the one month directive was not an effort to crash prices arbitrarily but to end exploitative practices of traders.
