BoI unveils mobile app to track food prices

The Bank of Industry (BoI) has launched a mobile app, Pricesenseng, to check food prices across eight states in the country.

Pricesenseng is a price intelligence dashboard and mobile app for real-time monitoring of price variations of food commodities such as rice, beans, tomato, maize and others in different states across the country.

Olasupo Olusi, managing director (MD) of BoI, announced on Wednesday at the bank’s annual public lecture series.

The event was themed ‘Creating Impact: The Role of MSME Support and Financing in Alleviating Poverty and Food Insecurity in Nigeria’.

Speaking at the event, Olusi said the states available in the app are Borno, Plateau, Rivers, Oyo, FCT, Lagos, Enugu and Kano.

“These initiatives reflect our dedication to generating impactful research, fostering innovative solutions, and promoting transparency in all our endeavours,” he said.

BOI DISBURSES N77.65BN TO ALMOST 1,000 MSMES

Olusi said between January and September, the bank disbursed N77.65 billion to support almost 1,000 micro, small, and medium enterprises (MSMEs).

“The  MSMEs are the bedrock of any thriving economy,” he said.

“In Nigeria, they make up approximately 97 percent of all businesses contributing to over 80% of employment and about 50 percent of GDP – and are the driving force of food production and the overall economic development in Nigeria. 

Olusi, however, said the MSMEs are facing significant challenges, including limited access to finance, challenging operating environment, and infrastructure deficiencies. 

“Therefore, addressing these issues is essential to alleviating poverty and ensuring food security,” he said.

“Through sufficient financial support and enabling environment, MSMEs are better equipped to improve the socio-economic conditions of the poor by creating employment opportunities, promoting the utilization of local raw materials, and driving economic growth.

“So far this year, the bank has supported MSME across the country through the disbursement of loans totalling about N77.65 Billion.

“These loans were given to almost 1,000 MSMEs across the country to enable them boost their operations.

“Those who have benefitted through several of our financing facilities range from the local palm kernel oil processor in the east, to the woman with a printing press in the north, and a local furniture maker in the south, amongst others.”

He also said the bank will continually work to create an environment that fosters sustainable growth through access to capacity-building programmes, promoting technological innovation, and connecting businesses to domestic and international markets.

Olusi said by empowering MSMEs with the tools and resources they need to thrive, the country is fostering a culture of innovation and entrepreneurship, driving job creation, poverty reduction, and inclusive economic growth.