Over N100 billion was realised on yesterday as five governors, ministers and other l stakeholders converged on Lagos to launch the N500 billion Produce- F-for-Lagos Initiative.
In his address, Lagos State governor, Babajide Sanwo-Olu, who hosted the launch of the initiative, signed a Memorandum of Understanding (MoU) with partnering states.
The event was held at Lagos House, Alausa, Ikeja.
Sanwo-Olu disclosed that over N100 billion had been realised for the launch of a N500 billion Produce-for-Lagos Off-taker Guarantee Fund.
He said the funds were aimed at boosting food production and supply, reducing imports and enhancing agricultural productivity in Nigeria.
Out of the funds raised so far, Tony Elumelu, chairman of the United Bank for Africa (UBA), announced N25 billion in support for the scheme.
Other governors in attendance to launch the intervention fund for investment include the governors of Ogun State, Dapo Abiodun; Kogi State, Ahmed Ododo; Niger State, Umaru Bago; Taraba State, Governor Agbu Kefas; and Ondo State, Olajide Owolabi. The governor of Ekiti State was also represented.
Other prominent Nigerians included the Minister for Digital Economy, Bosun Tijani, Chief of Defence Staff, Gen. Christopher Musa, Chairman Heirs Holdings, Minister for Finance Wale Edun, Minister of State for Finance, Doris Aniete, Minister of Digital Economy, Bosun Tijani, the Minister of Livestock, Idi Maiha, Lagos State Deputy Governor, Dr. Obafemi Hamzat, Deputy Governor of Ondo State, Olajide Owolabi, Speaker of the Lagos State House of Assembly, Rt. Hon Mudashiru Obasa, among others.
Sanwo-Olu said Lagos is Nigeria’s largest food market, consuming over 50 per cent of the food traded in the Southwest. The food economy was then valued at N16.14 trillion.
He, however, said that Lagos loses nearly 50 per cent of its food between harvest and the market, largely due to poor storage and inefficient transportation.
“There is a need to transform Lagos’ food system to ensure that the state can feed itself sustainably, both now and in the future.
The governor stated, “The Produce for Lagos Programme will boost agricultural production in the state and reduce reliance on informal and uncoordinated supply channels. It will also create jobs for our youth and increase economic returns for all ecosystem stakeholders. ”
Sanwo-Olu said the programme would be implemented through the Lagos Food Systems Infrastructure Company (LAFSINCO) and supported by key Special Purpose Vehicles like the Lagos Bulk Trading Company, Ekolog (Eko Logistics), and the Produce for Lagos Fund.
“This fund will also help to stabilise food prices, and de-risk agricultural operations across the value chain,” the governor stated.
Earlier, the state’s commissioner for Agriculture and Food Systems, Ms Abisola Olusanya, said the initiative is expected 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.
