Federal Ministry of Industry, Trade, and Investment Launches Bank of Industry’s Palliative Food Program

The Federal Ministry of Industry, Trade, and Investment has introduced the Bank of Industry’s (BoI) palliative food program to alleviate the challenges faced by Nigerians. The initiative, unveiled by Minister Dr. Doris Nkiruka Uzoka-Anite at BoI’s head office in Lagos, aims to support vulnerable individuals amidst ongoing economic difficulties.

Dr. Uzoka-Anite emphasized the government’s commitment to assisting the vulnerable, especially in light of recent fuel subsidy removals. She pledged government support for industries to boost local production and ensure food security, highlighting the significance of the BoI Palliative program in addressing food insecurity.

The Managing Director of BoI, Dr. Olasupo Olusi, affirmed the institution’s collaboration with the Federal Government to ensure the palliative reaches beneficiaries across all states, including the Federal Capital Territory. The program will commence in Lagos and Abuja, with plans to extend nationwide.

BoI will partner with its food processing customers to procure food items at affordable prices and collaborate with state governors for the distribution of these items. Dr. Olusi stressed that the initiative aligns with the current administration’s Renewed Hope Agenda.

This initiative follows the recent launch of the Presidential Conditional Grant Scheme (PCGS) by BoI, which provides N50,000 grants to qualifying small businesses across various sectors nationwide. The food palliative program underscores BoI’s commitment to supporting vulnerable populations and promoting economic recovery.