The N500 billion “Produce for Lagos” Initiative, a partnership between the state government and the private sector aimed at addressing supply chain inefficiencies, improving access to agricultural produce, and bolstering food security throughout Lagos, has received praise from Rt. Hon. (Dr.) Mudashiru Obasa, the Speaker of the Lagos State House of Assembly.
The program, which will be carried out through Special Purpose Vehicles such as the Lagos Bulk Trading Company, Lagos Food Systems Infrastructure Company (LAFSINCO), Eko Logistics, and Produce for Lagos Fund, will give working capital to bulk traders and logistic operators as well as credit support to food producers throughout the state. In addition to increasing private sector investment in agriculture and food systems, this will guarantee a steady supply of food for Lagos and beyond.
Speaking to reporters outside of the launch on Wednesday at Lagos House in Alausa, Speaker Obasa called the ₦500 billion Offtake Guarantee Fund a revolutionary step in establishing agriculture as the mainstay of Lagos’ economic growth. He reiterated the House of Assembly’s unwavering support for any initiatives aimed at boosting the State’s economy.
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“This vision will help to harness the infinite potential of our arable land and transform agriculture into the cornerstone of Lagos State’s economic prosperity,” he said, adding that the Lagos State House of Assembly is totally committed to it. We think that agriculture can play a significant role in our state’s economic diversification, job development, and food security.
“Through policies and legislation that encourage investment, innovation, and inclusivity, the House of Assembly has been very proactive in supporting agriculture over the years,” the speaker went on. We are confident that the “Produce for Lagos” campaign, which was introduced today, will do more to combat food insecurity and guarantee that the State will always have access to reasonably priced, wholesome food.
Speaker Obasa also promised that the Assembly would move quickly to discuss the Food Hub Bill, which would formalize market operations and lessen restrictions on informal trading.
The introduction of the initiative was characterized as “a watershed moment in our shared commitment to achieving food security, inclusive prosperity, and sustainable growth not just for Lagos State but for Nigeria” by Governor Babajide Sanwo-Olu in his keynote address. He went on to say that the scheme will connect everyone directly with Lagos’ vibrant food market by offering guaranteed offtake contracts, financial access, and logistics help.
The initiative was intended to be a large-scale off-taker program that would concentrate on bolstering the State’s food supply chain through inter-State cooperation and strategic private sector investments, according to Ms. Abisola Olusanya, Commissioner for Agriculture and Food Systems. “The ‘Produce for Lagos’ initiative embodies our dedication to establishing robust, sustainable food systems through the utilization of private sector investment and inter-state cooperation,” Olusanya stated.
The Governors of Kogi, Ogun, Niger, and Plateau States, as well as Christopher Musa, Chief of Defence Staff (CDS), Michael Deleen, Consul General of the Kingdom of the Netherlands, and Tony Elumelu, the founder and chairman of UBA Plc, who contributed N25 billion to the initiative, were among the notable Nigerians who attended the event.
