Food economy in Lagos has grown significantly, with its value increasing from N6 trillion to N16 trillion, according to Governor Babajide Sanwo-Olu.
Gatekeepers News reports that Sanwo-Olu made the announcement at the launch of the “Produce for Lagos Programme” alongside a N500 billion offtake guarantee fund on Wednesday.
The governor described Lagos as Nigeria’s largest food market, consuming over half of the food traded in the southwest. He said the new initiative is a natural progression in the state’s efforts to strengthen its food and agriculture sector.
“We have a food economy that is valued at over N6 trillion, and today, it stands at over N16 trillion,” Sanwo-Olu said.
The initiative aims to provide guaranteed off-take contracts, easier access to financing, and logistics support, directly linking residents with the state’s vibrant food economy.
Sanwo-Olu said the programme will boost agricultural production, reduce dependence on informal supply chains, create youth employment, and increase economic returns for stakeholders.
The N500 billion offtake guarantee fund is designed to provide working capital for bulk traders, finance logistics operators, offer liquidity to aggregators, and extend credit support to food producers nationwide.
Sanwo-Olu stressed that the fund is not a subsidy but an investment vehicle to attract private capital, stabilise food prices, and de-risk agricultural activities across the value chain.
The governor emphasized the need for collaboration, saying, “We cannot do this alone, which is why we need the support of all governors.”
The programme will be implemented through the Lagos Food Systems Infrastructure Company (LAFSINCO), supported by key entities such as Lagos Bulk Trading Company, Ekolog (Eko Logistics), and the Produce for Lagos Fund.
Governor Abba Kabir Yusuf of Kogi State was not present, however, Governor Umarum Bago of Niger State was present and expressed his support for the initiative, saying, “When I saw Produce for Lagos, I said ‘me I’m farming for Lagos’.” He revealed that he has set aside 1,000 hectares “to farm only Lagos food”.
