Lagos State Government, MoMo PSB Partners to Combat Food Inflation

In response to the rising food prices and economic challenges, Lagos State has initiated a strategic partnership with MoMo PSB through the Lagos Fresh Food Hub.

This initiative is a direct effort by the state government to provide relief to households by improving access to affordable and nutritious food options.

Located in Idi-Oro, Mushin, the Lagos Fresh Food Hub has quickly become an essential resource for the community, offering a wide variety of fresh produce sourced directly from local farmers. This initiative not only supports consumers but also bolsters the local agricultural economy.

During a recent visit to the Food Hub, the MoMo PSB team, led by the Chief Commercial Officer, Elsa Muzzolini, engaged with local traders to integrate MoMo’s payment system. This move is part of a broader effort to promote financial inclusion and community empowerment.

Commenting on the benefits of this initiative, Eli Hini, Chief Executive Officer, MoMo PSB Nigeria, stated that “At MoMo PSB, we hold the belief that financial inclusion and community empowerment are inextricably linked.

“Our partnership with the Lagos Food Hub extends beyond simply offering a convenient payment method; it’s a collaborative effort to guarantee that all Lagosians have access to affordable and nutritious food.’’

According to the Consumer Price Index for February 2024 published by the Nigerian Bureau of Statistics, the country faces a severe food inflation crisis.

The year-on-year food inflation rate reached a staggering 37.92%, a significant increase of 13.57% compared to February 2023.

This means the prices of essential food items like bread, cereals, vegetables, and meat have skyrocketed by nearly 38% in just one year.

The data also shows that food inflation is not slowing down. The month-on-month inflation rate for food rose to 3.79% in February 2024, compared to 3.21% in January 2024. This indicates that food prices are continuing to rise, further squeezing household budgets and worsening the food security situation for millions of Nigerians.

The collaboration between the Lagos Fresh Food Hub and MoMo PSB is a significant step in addressing Nigeria’s economic challenges. It highlights the positive impact that joint efforts can have on critical issues like food insecurity and financial exclusion.

The outcomes of this program could encourage the development of similar initiatives in other cities that are dealing with rising food costs, contributing to a more stable and prosperous future for those communities.