Lagos food economy now worth N16 trillion, says Sanwo-Olu

Babajide Sanwo-Olu, governor of Lagos, says the state’s food economy has grown from N6 trillion to N16 trillion.

Sanwo-Olu spoke on Wednesday at the launch of the ‘Produce for Lagos Programme’, alongside a N500 billion offtake guarantee fund.

The governor described Lagos as Nigeria’s largest food market, consuming over half of the food traded in the south-west.

He said the new initiative is a natural progression in the state’s efforts to strengthen its food and agriculture sector.

The politician said the programme 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 initiative will boost agricultural production, reduce dependence on informal supply chains, create youth employment, and increase economic returns for stakeholders.

“We have a food economy that is valued at over N6 trillion, and today, it stands at over N16 trillion. The initiative 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,” he said.

Sanwo-Olu said the N500 billion off-take 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.

He 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.

“We are doing this in a more structured manner,” the governor said.

“Some challenges we face include producers lacking consumers to take their harvest. We cannot do this alone, which is why we need the support of all governors.

“This is a win-win ecosystem where producers and consumers meet to develop an unprecedented economic market in Nigeria.”

Sanwo-Olu called for collaboration among state governments, federal agencies, private sector players, and farmers to ensure the programme’s success.

On his part, Umar Bago, governor of Niger, expressed optimism about the ongoing partnership with Lagos, saying the collaboration will sustain food production and logistics.

He described the ‘Produce for Lagos’ initiative as a remarkable achievement and expressed confidence that President Bola Tinubu would be proud of the current generation of governors.

“We are here today to collect cheque from Lagos state on food and logistics, so that we can continue the partnership,” Bago said.

“That aside, this is wonderful. I’m sure the president would be watching us now and be proud of this generation of governors.

“When I saw Produce for Lagos, I said ‘me I’m farming for Lagos’.”

The Niger governor said he has set aside 1,000 hectares “to farm only Lagos food”.