Lagos food economy attains N16.14trn from N6.5trn yearly, says Sanwo-Olu

Lagos State Governor Babajide Sanwo-Olu has stated that the state’s food economy, which was N6.5 trillion yearly before 2019, is now N16.14 trillion.

Sanwo-Olu, who announced this during the official launch of the ‘Produce for Lagos’ programme and the N500 billion off-take Guarantee Fund, noted that Lagos is Nigeria’s largest food market, consuming over 50 per cent of the food traded in the South-West.

According to him, research also showed that the state loses nearly 50 per cent of its food between harvest and the market, as a result of poor storage and inefficient transportation.

The governor said that after the implementation of several programmes and projects in the food and agriculture sector, the Produce for Lagos programme is the next logical step in its roadmap, expressing optimism that the programme would provide guaranteed off-take contracts, access to financing, and logistics support, connecting Lagos residents directly with the state’s dynamic food economy.

He further stated that the initiative would also boost agricultural production, reduce reliance on informal and uncoordinated supply channels, create jobs for youths, and increase economic returns for all ecosystem stakeholders.

“This N500b off-take 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 understandingthat 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,” Sanwo-Olu stated.

In her welcome address, the Commissioner for Agriculture and Food Systems, Abisola Olusanya, said the N500b off-taker guarantee fund would serve as the anchor that would give off-takers the confidence to buy, farmers the assurance to plant, financiers the boldness to invest, and Nigerians the certainty of daily nourishment.

She, therefore, appealed to off-takers, farmers, lenders, policymakers, processors, truckers, retailers, chefs, and food advocates to join hands with the state government – “in the story of how we changed the course of our food systems and transformed the lives of millions for the better.”