Lagos State Governor Babajide Sanwo-Olu has revealed that the state’s food economy has more than doubled over the last six years, growing from N6.5 trillion annually before 2019 to N16.14 trillion today.
Speaking at the official launch of the ‘Produce for Lagos’ programme and the N500 billion Off-take Guarantee Fund, Sanwo-Olu described Lagos as Nigeria’s largest food market, accounting for over 50% of all food traded in the South-West.
He also pointed out that the state loses nearly 50% of its food between harvest and market due to inadequate storage and inefficient transportation systems.
“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 understanding that our food economy cannot thrive on policy alone – it requires financing,” Sanwo-Olu said.
According to him, the Produce for Lagos initiative is the next logical step following a series of programmes aimed at strengthening the state’s agriculture and food systems.
The programme, he said, would offer guaranteed off-take contracts, access to financing, and logistics support — directly connecting Lagos residents with the state’s growing food economy.
The initiative, to be driven by the Lagos Food Systems Infrastructure Company (LAFSINCO), will be supported by strategic Special Purpose Vehicles including the Lagos Bulk Trading Company, Ekolog (Eko Logistics), and the Produce for Lagos Fund.
“This fund is not a subsidy,” Sanwo-Olu clarified, “it is an investment vehicle that will catalyse private capital, stabilise food prices, and de-risk agricultural operations across the value chain.”
