Business

NASRE Review: Lagos’ Discount Food Initiative Propels National Call for Economic Resilience

Published

9 months ago

March 18, 2024

SANWO-OLU CONGRATULATES LAGOS HOS, MURI-OKUNOLA AT 50

NASRE Review: Lagos’ Discount Food Initiative Propels National Call for Economic Resilience

As Nigeria grapples with staggering inflation rates, reaching a distressing 31.7%, Nigerian Association of Social and Resourceful Editors, NASRE, stress that Lagos State emerges as a beacon of hope with its innovative approach to tackle the dire economic situation.

In response to the escalating cost of living, Lagos has pioneered the “Ounje Eko” food markets initiative, offering discounted prices on essential commodities across the state. This groundbreaking initiative, spearheaded by Governor Babajide Sanwo-Olu, not only alleviates the financial burden on its residents but also sets a precedent for nationwide adoption amidst the prevailing economic turmoil.

The latest Consumer Price Index (CPI) report from the National Bureau of Statistics (NBS) paints a grim picture of Nigeria’s economic woes. Headline inflation has surged to 31.7%, the highest level recorded since April 1996, exacerbating the hardships faced by ordinary Nigerians. Of particular concern is the soaring food inflation, which stands at a staggering 37.9% in February 2024.

This relentless upward trajectory in food prices has triggered protests and heightened the risk of food insecurity, with the International Monetary Fund (IMF) warning that 8.0% of Nigerians are at high risk of food insecurity.

Amidst this economic turmoil, Lagos State has taken proactive measures to cushion the impact of high food prices on its residents through the “Ounje Eko” food markets initiative. Operating exclusively on Sundays across 57 locations in the state, these markets offer a 25% discount on staple food items, including rice, beans, garri, bread, eggs, tomatoes, and pepper.

The initiative incorporates innovative measures to ensure transparency and prevent exploitation, such as the introduction of a voucher system and careful selection of independent payment solution providers and food vendors. Prices of staple food items have been clearly outlined, fostering transparency and accountability.

The success of the Lagos Discount Food Initiative underscores the urgent need for similar interventions across the nation. State governments are urged to emulate Lagos’s proactive approach and establish discounted food markets to ease the burden on their citizens.

Furthermore, the federal government must lend its support by providing financial assistance and logistical support to scale up these initiatives nationwide. Expanding the initiative to all states across Nigeria holds immense potential to alleviate the burden of skyrocketing food prices and mitigate the widespread economic hardships inflicted by inflation. Adopting this model nationwide will help ease financial strain and enhance food accessibility for all socio-economic strata, fostering social cohesion and stability.

Finally, a nationwide rollout of discounted food markets would stimulate consumer spending, boost local economies, and contribute to the overall well-being and resilience of communities nationwide. By embracing this initiative, all states have an opportunity to demonstrate proactive governance, prioritize the welfare of their citizens, and contribute to the collective effort of building a more equitable and prosperous Nigeria.

Related Topics:Featured Lagos state NASRE Sanwo-Olu

Up Next

Miracles, Testimonies As Apostle Suleman Hosts ‘Intimacy Crusade’ in Zambia

Don't Miss

Art impresario Emmanuel Eni “Blackman in European Kitchen” Plans Investment in Nigeria By Gbenga Shaba

Sahara Weekly

Sahara weekly online is published by First Sahara weekly international. contact [email protected]

Business

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

Published

13 hours ago

December 21, 2024

Sahara Weekly

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

…As Dangote Refinery partners MRS to sell PMS at N935 per litre nationwide at its retail outlets

Sahara Weekly Unveils That The Foremost entrepreneur and President of the Dangote Industries Limited, Aliko Dangote has commended President Bola Ahmed Tinubu for the positive impact of the naira for crude swap deal on the Nigerian economy, which has led to reduction in prices of petroleum products in the country.

To provide succour to Nigerians, Dangote recently reduced the price of Premium Motor Spirit (PMS) from N970 to N899.50 at its Refinery loading gantry and provided generous credit terms to marketers.

“To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre” he added. This price has already commenced in Lagos, and it will be offered nationwide from Monday.

In his statement, he called on other oil marketers such as the NNPC Retail and all other marketers, “to work with us to ensure that Nigerians enjoy high-quality petrol at discounted prices.”

According to him, “The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value chain players to deliver high quality petrol at cheaper prices. Our aim is for all Nigerians to have ready access to high quality petroleum products that are good for their vehicles, good for their health, and good for their pockets.

Recall that in September, the Federal Executive Council (FEC) under the leadership of Mr. President approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira. The move, which commenced on October 1, led to reduced pressure on the dollar and ensured the stability of the local currency.

Dangote thanked Nigerians for their unwavering support and the government for creating an enabling environment for the domestic refining industry.

Business

Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

Published

20 hours ago

December 21, 2024

Sahara Weekly

Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

NNPC Debunks Shutdown Rumors, Confirms Port Harcourt Refinery Fully Operational

The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed reports circulating in certain media outlets claiming that the Old Port Harcourt Refinery, which was re-streamed two months ago, has been shut down.

In a statement released by Olufemi O. Soneye, the Chief Corporate Communications Officer of NNPC Ltd, the company clarified that the refinery is fully operational. The statement noted that the facility’s operational status was recently verified by former Group Managing Directors of NNPC during a site inspection.

“Preparation for the day’s loading operation is currently ongoing,” the statement confirmed, emphasizing that allegations of the refinery’s shutdown are baseless and intended to create panic or artificial scarcity in the fuel market.

NNPC Ltd urged members of the public to disregard such misleading reports, labeling them as the work of those seeking to exploit Nigerians.

The Old Port Harcourt Refinery has been in operation since its re-streaming, and the company remains committed to ensuring stability in the supply of petroleum products across the country.

Business

Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

Published

2 days ago

December 20, 2024

Sahara Weekly

Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

In a show of solidarity, the Committee of Banks in Nigeria has extended a helping hand to victims of the September 2024 floods in Jigawa State. On Thursday, a high-profile delegation led by Dr. Oliver Alawuba, Chairman of the Committee and Group Managing Director/Chief Executive Officer of United Bank for Africa Plc (UBA), visited Dutse, the state capital, to present relief materials to the state government.

The donated items, worth several million Naira, included essential food supplies such as rice and cooking oil, along with mattresses and beverages. Dr. Alawuba highlighted that the gesture aimed to alleviate the hardship faced by flood victims and support critical institutions, especially public hospitals, in their efforts to assist those affected.

“We stand in solidarity with the people and government of Jigawa State during this difficult time. This donation is our way of expressing empathy and supporting those who have lost loved ones, properties, and livelihoods,” Dr. Alawuba stated.

The delegation included notable banking leaders such as Mr. Roosevelt Ogbonna of Access Bank Plc, Dame (Dr.) Adaora Umeoji of Zenith Bank Plc, and Dr. (Mrs.) Nneka Onyeali-Ikpe of Fidelity Bank Plc, among others. Their collective presence underscored the banking sector’s commitment to corporate social responsibility and national development.

Governor Malam Umar A. Namadi expressed profound gratitude for the donation, describing the visit as a rare and commendable act of compassion. He assured the delegation that the relief materials would be judiciously distributed to the intended beneficiaries, emphasizing the importance of partnerships in rebuilding lives and communities.

The Committee of Banks also reiterated their commitment to supporting Nigerians during emergencies, drawing attention to previous interventions, including relief efforts during the 2011 and 2013 floods, the COVID-19 pandemic, and security initiatives like the Lagos State Security Trust Fund.

This humanitarian gesture reflects the collective resolve of Nigeria’s financial institutions to foster social and economic growth, making a meaningful impact in times of need.