February 2024 Food News: PricePally Wins The GSMA Fund and Nigeria’s Inflation Surge

February 2024 food news highlights include PricePally’s groundbreaking achievement in securing the GSMA Innovation Fund for Climate Resilience and Adaptation. Furthermore, Nigeria’s food production is projected to reach €62 billion by 2024, reflecting both progress and challenges in the agricultural sector. Amidst soaring food costs, Nigeria’s inflation surged to 29.9%, prompting urgent calls from the Senate to implement innovative solutions like food stamps to address food scarcity. Additionally, PricePally partnered with Omoye Cooks to host an exciting online cooking contest. Read on to be informed on the food-related updates for the February 2024 Food News.

News stories featured in February 2024 food news: 

• PricePally Secures The GSMA Innovation Fund for Climate Resilience and Adaptation
• Nigeria’s 2024 Food Production Expected to Reach €62 Billion
• Nigeria’s Inflation Surges to 29.9% Amid Soaring Food Costs
• Senate Urges Government to Implement Stamps to Address Food Scarcity
• PricePally Partnered with Omoye Cooks to Host an Online Cooking Contest 

PricePally Secures GSMA Innovation Fund for Climate Resilience and Adaptation

As a testament to our commitment to climate resilience and adaptation, PricePally has secured the prestigious GSMA Innovation Fund. Additionally, the GSMA, a global organization dedicated to advancing innovation in the mobile ecosystem, recognizes PricePally’s efforts in harnessing connectivity for positive societal change. This achievement underscores PricePally’s dedication to leveraging technology to address pressing environmental challenges and foster sustainable business practices.

According to Luther Lawoyin, CEO of PricePally “With the GSMA and PricePally project, we’re on a mission to forge a resilient, data-driven food distribution system, aimed at harmonizing demand and supply dynamics in African cities. This initiative promises to significantly cut down food waste across the value chain. For our cherished customers, this means you can look forward to accessing a broader range of products at even more affordable prices. Moreover, our dedicated food producers and farmers can anticipate enhanced productivity, achieved through smarter farm-to-market models. Stay tuned for a future where affordability meets sustainability.”

Nigeria’s 2024 Food Production Expected to Reach €62 Billion

Nigeria’s food production is expected to increase by 48% to €62.6 billion from 2021 to 2024, according to Fairtrade and OTACCWA. However, despite significant investments in local food production, Nigeria remains one of Africa’s top food importers, with imports totaling US$6.9 billion in 2022. Although agriculture contributes significantly to the economy, it faces challenges such as poor land tenure systems, climate change, and limited financing. Additionally, Fairtrade and OTACCWA will co-organize the 6th West African Cold Chain Summit and Exhibition alongside Agrofood and Plastprintpack Nigeria 2024, featuring awards ceremonies and a top-level conference with speakers from around the world.

Nigeria’s Inflation Surges to 29.9% Amid Soaring Food Costs

Nigeria’s annual inflation rate increased to 29.90% in January 2024 from 28.92% in December 2023, according to the National Bureau of Statistics. This reflects a 0.98% rise from the previous month. Compared to January 2023, inflation has risen by 8.08%. Additionally, on a month-on-month basis, inflation rose to 2.64% in January 2024, indicating a faster increase in prices than in December 2023. Furthermore, food inflation surged to 35.41% year-on-year, with staples becoming more expensive. These rising food prices, exacerbated by the end of fuel subsidies, have strained household budgets. This is compounded by forex scarcity due to high demand for dollars and unremitted forex backlogs.

Senate Urges Government to Implement Stamps to Address Food Scarcity

The Senate has urged the Federal Government to introduce a food stamps program as a solution to address the looming food insecurity in Nigeria. This comes as projections indicate that around 26.5 million people may face food insecurity in 2024 due to various factors including conflicts, climate change, and inflation. Additionally, the program, similar to those in other countries like the United States, aims to provide food assistance to low-income individuals. Moreover, Senators emphasized the need for careful implementation to ensure that only those in need benefit from the program, suggesting the use of technology to prevent abuse. They believe that with the right approach, the food stamps program could effectively alleviate the challenges faced by vulnerable populations in Nigeria.

PricePally Partnered with Omoye Cooks to Host an Online Cooking Contest 

As part of our Valentine campaign, we collaborated with Omoye Cooks to host an online cooking contest, offering participants the opportunity to win up to ₦500,000 in food vouchers. Moreover, contestants were tasked with purchasing any of Omoye Cooks’ recipe bundles and recreating the dishes for a chance to win. This contest showcased the culinary talents of our community and fostered engagement among food enthusiasts.

And that concludes our February 2024 food news edition. We trust you found it both informative and engaging. Keep an eye out for next month’s edition as we continue to explore the dynamic world of Nigerian cuisine and food trends. Remember to share this February 2024 food news with your friends. By doing so, you’ll help them stay informed about the latest developments in the Nigerian food scene.