Lagos N500bn fund: Sanwo-Olu, Abiodun, Bago, Ododo inaugurate, boosting food supply
Gov Babajide Sanwo-Olu of Lagos State
Lagos N500bn fund: Sanwo-Olu, Abiodun, Bago, Ododo inaugurate, boosting food supply
Lagos State Governor, Babajide Sanwo-Olu, Prince Dapo Abiodun, Mohamed Bago, Ahmed Ododo, Agbu Kefas, Governors of Ogun, Niger, Kogi and Taraba, respectively, on Wednesday, kicked off a N500 billion Produce-for-Lagos Off-taker Guarantee Fund aimed at boosting food production and supply, reducing imports, and enhancing agricultural productivity across Nigeria.
The multi-billion-naira initiative was launched at the Lagos House, Alausa, Ikeja.
Other personalities at the event include Lagos State Deputy Governor, Dr. Obafemi Hamzat, Deputy Governor of Ondo State, Olajide Owolabi, Speaker of the Lagos State House of Assembly, Mudashiru Obasa, Minister for Digital Economy, Bosun Tijani, Minister of Finance, Wale Edun, Minister of State for Finance, Doris Annette, Commissioner for Agriculture and Food Systems, Ms. Abisola Olusanya, the organiser, members of the State Executive Council, members of Governor’s Advisory Council, GAC, All Progressives Congress, APC, Tony Elumelu led captains of industry, traditional rulers, religious, community leaders, market leaders and associations, civil society organisations, among others.
According to Olusanya, the initiative is expected, among others, to reduce post-harvest losses in participating states by 40 per cent, create over four million jobs nationwide, cut national food imports by over 60 per cent, and drive an annual 25 per cent reduction in food prices and inflation.
“With the launch of the N500 billion Produce-for-Lagos off-taker Guarantee Fund and programme by Mr. Governor, I implore everyone to join us as we kickstart a bold vision to catalyze, empower, and scale food production, storage, logistics, marketing and distribution across the nation, creating jobs, boosting local economies, and securing our future food supply,” Olusanya said.
The commissioner urged farmers, players and stakeholders across Nigeria’s agricultural value chain to unite in building a food sovereign system.
Lagos, with an estimated 25 million people, Nigeria’s most populous city, is projected to reach a population of about 34 million by 2030, which will push annual food demand to approximately N7.96 trillion.
According to reports, with the current production levels, the state would need to import food worth about N3.38 trillion annually by 2030 to meet demand.
To bridge the gap and achieve 40 per cent local production, Olusanya said, the state must increase food output.
“The food demand of the state will rise to N7.96 trillion per annum by 2030. At present, with the local food production output, the state will need to import food worth about N3.38 trillion per annum by 2030 to meet demand.
“To achieve 40 per cent local production, the state needs to grow its production by about 20 per cent per annum. We need to collaborate internally, externally for Lagos food security,” Olusanya said.
