Leveraging technology to address food insecurity in Nigeria

The Founder and Chief Executive Officer of Boom Technology, Peter Alfred-Adekeye, has highlighted the immediate need for action to address the increasing number of food insecure Nigerians. In a recent interview with CNBC Africa, Alfred-Adekeye stressed the importance of leveraging technology, particularly opportunities in the blockchain and digital assets space, to provide immediate aid during crises. The conversation delved into the pressing issue of food insecurity in Nigeria, with about 8% of the population currently deemed food insecure, according to the IMF. The situation has been exacerbated by rising inflation and recent developments that have pushed more people below the poverty line. To combat these challenges, Alfred-Adekeye discussed Boom Foundation's innovative initiative, the Boom Coin to Meals program. The program aims to alleviate the cost of living crisis faced by millions in Nigeria by distributing Boom Coins to enable individuals to purchase food bundles through an e-commerce platform without the need for traditional banking services. The initiative is set to kick off on May 1st, with the goal of touching two million lives and expanding to other parts of Africa in the future. The CNBC Africa interview shed light on the scalability of the project, regulatory compliance, and the potential for broader socio-economic impact beyond providing immediate food aid. Alfred-Adekeye emphasized the innovative nature of the initiative, highlighting the use of blockchain technology to ensure transparency and compliance with regulations. The conversation also touched on the challenges in the Nigerian landscape, particularly in terms of regulatory issues. However, Alfred-Adekeye reassured that the Boom ecosystem is designed to be compliant with banking guidelines, incorporating robust Know Your Customer (KYC) processes and decentralized blockchain technology. Looking ahead, the Boom team is focused on expanding their footprint in Nigeria and eventually reaching out to other African countries facing economic hardships. The overarching goal is to create sustainable solutions that address food insecurity and uplift communities across the continent. As climate impacts continue to exacerbate existing challenges, initiatives like Boom Technology's offer a ray of hope in providing immediate relief and fostering long-term resilience.