The Lagos State government (LASG) has taken a strategic step to address the rising food prices and economic challenges in the state. In collaboration with MoMo Payment Service Bank (PSB) through the Lagos Fresh Food Hub, the government aims to provide relief to households, improve access to affordable and nutritious food options, and promote financial inclusion and community empowerment.
As part of this initiative, the MoMo PSB team, led by the Chief Commercial Officer, Elsa Muzzolini, visited the Food Hub to engage with local traders. The team intends to integrate MoMo’s payment system into the food hub’s operations to offer a convenient payment method to Lagosians.
Eli Hini, the Chief Executive Officer of MoMo PSB, believes that financial inclusion and community empowerment are inextricably linked. The partnership with the Lagos Food Hub, therefore, extends beyond just offering a payment method. It is a collaborative effort to guarantee that all Lagosians have access to affordable and nutritious food, thereby bolstering the local agricultural economy.
The collaboration is a significant step in addressing Nigeria’s economic challenges, particularly the food inflation crisis. According to the Consumer Price Index for February 2024 published by the Nigerian Bureau of Statistics, the year-on-year food inflation rate reached a staggering 37.92 percent, a significant increase of 13.57 percent compared to February 2023. This means that essential food items like bread, cereals, vegetables, and meat have risen in price by nearly 38 percent in just one year. The month-on-month inflation rate for food also rose to 3.79 percent in February 2024, further squeezing household budgets and worsening the food security situation for millions of Nigerians.
The Fresh Food Hub, located in Idi-Oro, Mushin, has quickly become an essential resource for the community, offering a wide variety of fresh produce sourced directly from local farmers. With the partnership between the Lagos Fresh Food Hub and MoMo PSB, the government hopes to encourage the development of similar initiatives in other cities dealing with rising food costs, contributing to a more stable and prosperous future for those communities.
