Tony Elumelu Pledges N25 Billion to Lagos’ Agricultural Transformation Drive
Heirs Holdings Chairman, Tony Elumelu, has pledged N25 billion to back the Produce for Lagos Programme, positioning the private sector as a key driver in the state’s agricultural and food security revolution.
The announcement was made at the official launch event of the programme, which also introduced a N500 billion Offtake Guarantee Fund, held at the Lagos House, Ikeja, on July 23, 2025.
Elumelu’s financial pledge marks the largest single private-sector investment in the initiative, which is focused on ensuring food availability, addressing systemic supply chain issues, and enhancing agricultural distribution across Lagos.
Applauding the state government’s bold step toward inclusive growth, Elumelu emphasised the programme’s potential to reduce unemployment through youth engagement in agribusiness.
“This initiative will tackle the root causes of joblessness. Agriculture has the power to employ millions—if we invest the right way,” Elumelu said.
He further remarked: “We at Heirs Holdings are committing N25 billion to support this food systems transformation. We will work hand-in-hand with the Lagos State Government to scale its impact by creating jobs.”
The pledged funding will be routed through United Bank for Africa (UBA), and during the event, Elumelu also announced an additional donation of N1 billion to the Lagos State Government.
Earlier in the event, Governor Babajide Sanwo-Olu unveiled the N500 billion Uptake Guarantee Fund, aimed at overhauling the state’s food ecosystem. He highlighted the urgent need for Lagos to be more self-reliant, especially in light of challenges posed by the COVID-19 pandemic, climate volatility, and global supply chain disruptions.
Sanwo-Olu noted that Lagos accounts for over 50% of the Southwest’s food consumption, making food sufficiency a top priority for sustainable development.
To better reflect this focus, Lagos State in 2024 renamed its Ministry of Agriculture to the Ministry of Agriculture and Food Systems, emphasising food security’s broader social and economic implications.
Commissioner Abisola Olusanya described the Offtake Guarantee Fund as a game-changer for the state’s agricultural value chain. She outlined key projects such as the Lagos Fresh Hub and various programs designed to empower young people and agritech innovators.
Federal Minister of State for Finance, Doris Uzoka-Anite, also threw her weight behind the initiative, calling it a “timely, collaborative model” that aligns perfectly with the Renewed Hope Agenda of President Bola Tinubu.
Chief of Defence Staff, Gen. Christopher Musa, spoke on the security dimensions of food stability, stressing the importance of developing ranches to address ongoing herder-farmer conflicts.
The Lagos Food Systems Infrastructure Company is spearheading the programme’s implementation in partnership with private investors. The goal is to ensure guaranteed markets for local farmers, reduce post-harvest losses, and integrate Lagos more deeply with major food-producing regions of Nigeria, solidifying the state’s status as an agribusiness and investment hub.
