Over N100 billion was raised at the launch of the ‘Produce for Lagos’ project. This event brought together five governors, ministers, and key partners in Lagos. The goal of the N500 billion initiative is to improve food security in Nigeria.
At the launch, held at Lagos House in Alausa, Governor Babajide Sanwo-Olu explained that the money is part of a program to support farmers. It will help increase food production, reduce imports, and keep food prices steady by strengthening the supply chain.
The programme aims to make Lagos, Nigeria’s biggest food market, more self-reliant. It will tackle problems like food spoilage after harvest and poor transport systems.
Sanwo-Olu said Lagos consumes over half of the food traded in the Southwest region. The state’s food economy is worth N16.14 trillion.
Despite this, Lagos loses nearly half its food because of bad storage and transport problems.
At the event, United Bank for Africa (UBA) pledged N25 billion. Its Chairman, Tony Elumelu, made the announcement.
Elumelu said the programme can reduce unemployment among young people and grow the economy by supporting farming and food businesses.
He added that the private sector will continue to support such meaningful efforts.
Lagos also signed a partnership agreement (MoU) with five other states: Ogun, Kogi, Niger, Taraba, and Ondo.
The governors of those states, along with Ondo’s Deputy Governor and an official from Ekiti State, attended the event.
Also present were top government officials, including the Minister of Digital Economy, the Chief of Defence Staff, the Minister of Finance, and others.
Sanwo-Olu said the programme will be managed by a new company called LAFSINCO, with help from other organisations like Lagos Bulk Trading Company, Ekolog, and the Produce for Lagos Fund.
He said the programme is a big step towards creating a strong and reliable food system. It will create jobs, reduce food waste, keep prices stable, and give farmers a steady market.
Agriculture Commissioner Abisola Olusanya said the project will have a national impact. It aims to cut food waste by 40%, create over four million jobs, reduce food imports by 60%, and lower food inflation by 25% every year.
She explained that the N500 billion fund will transform how food is grown, transported, sold, and delivered across Nigeria.
Olusanya pointed out that Lagos, with a population of 25 million (and growing), will need food worth nearly N8 trillion a year by 2030. Without local production, N3.38 trillion of that would have to be imported.
She said Lagos must increase its food production by at least 20% each year to meet 40% of its needs. Working together is key.
Minister of State for Finance, Doris Aniete, praised the programme. She said it supports President Tinubu’s Renewed Hope Agenda and helps unite northern and southern Nigeria through shared food goals.
She said the initiative will cut the cost of moving food across long distances, encourage regional cooperation, and support local farmers.
Minister Bosun Tijani called the programme one of Nigeria’s most forward-thinking food projects.
He said that by buying and securing markets for farm produce, Lagos is helping to build a strong and secure economy for the future.
The five partner governors praised the initiative, saying it came at the right time.
They promised to support Lagos by using their own states’ farming strengths to help boost food production across the country.
