In a remarkable bid to provide some relief to struggling Nigerians, local startup Egoras has announced a groundbreaking initiative aimed at making food more affordable.
The company will sell 50kg bags of locally produced rice for N45,000, almost half the price of what the same quantity currently costs in many parts of the country.
This comes as food prices across Nigeria continue to skyrocket, pushing essential items like rice out of reach for many households.
The Egoras initiative, set to launch on October 12, is not just a business move but also a social impact project designed to support Nigerians through this difficult economic period.
Rising Food Prices Crippling Nigerian Households
Nigerians have been battling steep food inflation for months.
The price of rice, a staple food in the country, has soared due to a combination of factors including inflation, foreign exchange issues, and supply chain disruptions.
A 50kg bag of rice, which was once affordable for many, now costs over N80,000 in some markets, making it nearly impossible for average families to purchase it regularly.
Nigeria’s inflation rate currently sits above 30%, creating a perfect storm of economic hardship for families, especially those living on low incomes.
For many Nigerians, feeding their families has become a daily struggle.
The country’s economic instability, worsened by global inflationary pressures, has led to a significant rise in the cost of basic goods.
The need for affordable food is now more urgent than ever.
Egoras, a Nigerian-based startup known for its charity-driven projects, has taken up the mantle of providing some much-needed relief.
The company’s CEO, Ugoji Harry, told LEADERSHIP that the initiative is designed to support Nigerians during this tough time.
“We understand that food is becoming unaffordable for many households, and as a company, we feel a responsibility to support our communities,” Harry said.
He acknowledged that the current economic situation has pushed many families into extreme financial strain, making basic food supplies difficult to obtain.
“This rice, which is locally produced, would ordinarily sell for almost double the price, but we are offering it at N45,000 to make it accessible,” Harry explained.
Egoras is not positioning itself as just a company seeking profit in a difficult time; rather, it sees itself as playing a key role in alleviating some of the hardships Nigerians are facing.
Food Insecurity Grips the Nation
Nigeria’s food insecurity problem has been growing steadily in recent months.
According to the National Bureau of Statistics (NBS), the prices of essential food items have jumped by over 30% in the last year alone.
This sharp increase has left millions of Nigerians at risk of hunger and malnutrition.
Food inflation, driven by a weak naira, high import costs, and disruptions to local production, has made daily survival a struggle for many.
The cost of rice, in particular, has become a major point of concern.
Rice is the most consumed staple in Nigerian homes, and with prices climbing well above N80,000 for a 50kg bag, it has become a luxury item for many families.
Egoras’ charity-driven initiative aims to step into this gap, helping everyday Nigerians access food that is essential for their survival.
Preventing Exploitation: One Bag Per Customer
To ensure that the rice reaches those who need it most, Egoras has implemented a strict policy of one bag per customer.
The company is determined to prevent exploitation, where resellers might buy in bulk and then attempt to profit by selling the rice at higher prices.
“This initiative is not for resellers or distributors,” Harry emphasized.
“We want to ensure that as many households as possible benefit from this initiative, and we don’t want people buying in bulk just to resell it at a profit. This is a way of giving back, and we’re trying to reach everyday Nigerians who need this the most,” he said.
Egoras is taking significant steps to make sure the rice is available directly to consumers, cutting out any middlemen who might try to exploit the system.