Lagos State Governor, Babajide Sanwo-Olu, has disclosed that the state’s food economy has expanded from N6.5 trillion annually in 2019 to N16.14 trillion.
Sanwo-Olu made this known during the official launch of the Produce for Lagos initiative and a N500 billion Off-take Guarantee Fund. He described Lagos as Nigeria’s largest food market, accounting for over 50 per cent of the food consumed in the South-West.
According to the governor, research indicates that the state loses nearly half of its food produce between harvest and market due to inadequate storage facilities and inefficient transportation.
He noted that the Produce for Lagos initiative is the next step in the state’s agricultural roadmap, following a series of programmes and projects aimed at strengthening the sector. He expressed confidence that the new programme would provide guaranteed off-take contracts, access to financing, and logistics support, thereby linking residents directly to the state’s vibrant food economy.
Sanwo-Olu added that the initiative is designed to boost agricultural production, reduce dependence on informal supply chains, create jobs for youths, and deliver increased economic returns for stakeholders across the value chain.
“This N500 billion 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 understanding that our food economy cannot thrive on policy alone – it requires financing.
“This fund is not a subsidy but an investment vehicle that will catalyse private capital, stabilise food prices, and de-risk agricultural operations across the value chain,” the governor stated.
In her remarks, Commissioner for Agriculture and Food Systems, Abisola Olusanya, described the fund as an anchor that would give off-takers confidence to buy, farmers the assurance to plant, and financiers the boldness to invest.
She called on farmers, lenders, policymakers, processors, truckers, retailers, chefs, and food advocates to collaborate with the state government “in rewriting the story of how we transformed our food systems and improved the lives of millions for the better.”
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