Boom Foundation to Feed 2m Nigerians Amid Ongoing Food Crisis

Boom, a blockchain-based e-commerce ecosystem and digital payments platform, has announced the launch of its first Boomcoin-To-Meals (B2M) initiative, which aims to feed two million Nigerians amid the ongoing severe food crisis brought upon by the recent hike in inflation.

“This initiative will provide vital relief by airdropping 1 Boomcoin (BMC) each to 2 million Nigerians who will be able to purchase food bundles that they can either collect or have delivered to their homes. Boom Foundation has allocated 1 million BMC to this airdrop and has opened the initiative to public donations, which will be matched 1:1 for all donated BMCs, up to an additional 500,000 BMC. BMC will feed a Nigerian for a day. Accordingly, Boom Foundation has committed 1 million BMC for this cause, valued at $6.23million or N6.23 billion, “the company said in a statement.

“As Nigeria grapples with a significant humanitarian challenge that impedes economic development and stability, immediate action has become crucial. Headline inflation, which hit a high of 33.2.per cent in March 2024, has eroded consumer spending power, leading to one in ten Nigerians currently facing food insecurity. This means that nearly 22 million people in Nigeria are unable to feed themselves and their families, “it said.

Founder and CEO of Boom, Peter Alfred-Adekeye said he recognises the severity of the ongoing crisis and decided to launch B2M to help combat its effects.
“With B2M, Boom intends to demonstrate the potential of blockchain and digital assets to reliably deliver immediate aid during crises and the need for this technology to foster long-term socio-economic empowerment. This initiative is not just about providing immediate relief,” said Alfred-Adekeye. “It’s about laying a foundation for sustainable development and economic stability through blockchain. Regions like Africa and many others have been underserved for far too long, and we see the potential of this technology to change lives.

“Complacency has led to the suffering of millions of people everywhere, and we cannot afford to stand by any longer. We hope B2M acts as a stepping stone to further philanthropic initiatives across the world,” he said.

It said: “Through this projects, we aim to enhance agricultural productivity, improve livelihoods, and promote social and economic development in rural communities across Nigeria.”

Also speaking, Ogun State Commissioner for Agriculture, Bolu Owotomo, said that the project was geared towards promoting food security and improving the livelihood of farmers in the state.

He said, “Through the Maize Empowerment project, the BATN Foundation has trained 1,000 farmers in best agricultural practices and today we are witnessing the distribution of farm inputs and pesticides to 500 for this year’s planting season in order to ensure a bountiful harvest”.