Lagos Food Sector Now Worth N16.14tn – Sanwo-Olu
Lagos State Governor, Babajide Sanwo-Olu, on Wednesday said Lagos has grown to become Nigeria’s largest food market, with a food economy valued at 16.14tn and consuming over half of food traded in the South-West.
Sanwo-Olu made the remark during the launch of the Produce for Lagos Programme and the N500bn Offtake Guarantee Fund at the Lagos House, Ikeja.
The initiative is expected to reduce post-harvest losses in participating states by 40 percent, create over four million jobs nationwide, cut national food imports by over 60 percent, and drive an annual 25 percent reduction in food prices and inflation.
“This N500 Billion Offtake Guarantee Fund will provide working capital for bulk traders, finance for logistics operators, liquidity for aggregators, and credit support for food producers across Nigeria. It is a demonstration of our understanding that our food economy cannot thrive on policy alone – it requires financing.
“This fund is not a subsidy; it is an investment vehicle that will catalyse private capital, stabilise food prices, and de-risk agricultural operations across the value chain. What we are doing here is creating a whole new agricultural ecosystem, one that rises to meet the demands of today and of tomorrow—combining policy, financing, infrastructure, and data,” the governor said.
Sanwo-Olu also commissioned 150 cold and dry trucks, described as the largest of its kind in the country, in partnership with the private sector.
He stressed that the initiative would be implemented through the Lagos Food Systems Infrastructure Company (LAFSINCO) with support from special purpose vehicles such as the Lagos Bulk Trading Company, Ekolog (Eko Logistics), and the Produce for Lagos Fund.
The governor called on other state governments, financial institutions, development partners and private investors to collaborate with Lagos in addressing food security challenges.
“Let us rise together to feed this nation sustainably. Let us collaborate across borders, build resilient infrastructure, support, and secure our food future not just for Lagos but for Nigeria. Let us lead, let us inspire, and let us grow for the prosperity of our people and the greatness of our country,” he said.
Governors Dapo Abiodun of Ogun, Mohammed Bago of Niger, Agbu Kefas of Taraba and Usman Ododo of Kogi, who attended the event, commended Sanwo-Olu for the bold step and pledged their states’ readiness to partner Lagos to boost agricultural productivity.
Lagos State Commissioner for Agriculture and Food Systems, Abisola Olusanya, said the programme would centralise food aggregation, cut post-harvest losses, stabilise food prices and create a more efficient urban food supply chain.
Lagos Food Sector Now Worth N16.14tn – Sanwo-Olu is first published on The Whistler Newspaper
