Lagos Launches N500bn Offtake Fund, Partners UBA as Sanwo-Olu Leads National Drive for Agricultural Renaissance
In a sweeping move poised to redefine Nigeria’s food security architecture, the Lagos State Government has unveiled a monumental N500 billion Offtake Guarantee Fund under the “Produce for Lagos Programme”, a transformative agricultural initiative designed to secure the state’s food supply, empower farmers, attract private capital, and drive sustainable economic growth across the nation.
Unveiled at the Lagos House, Ikeja, the initiative marks a strategic milestone in the state’s journey toward building a resilient, data-driven, and inclusive food ecosystem. Governor Babajide Sanwo-Olu, addressing a packed audience of dignitaries, agripreneurs, investors, and policymakers, described the event as “a watershed moment in our shared commitment to food security, inclusive prosperity, and sustainable growth — not just for Lagos, but for the entire nation.”
In a major show of private-sector commitment, Chairman of United Bank for Africa (UBA), Tony Elumelu, pledged a staggering N25 billion to support the programme. Describing the project as “our collective vision,” Elumelu emphasized the need to combat youth unemployment through strategic agricultural investments.
> “Our youths shouldn’t be jobless. We have arable land and untapped potential. This programme will change that narrative,” Elumelu asserted, pledging the full backing of UBA, Transcorp Group, Heirs Holdings, and the Tony Elumelu Foundation.
The Lagos Commissioner for Agriculture and Food Systems, Abisola Olusanya, officially launched the programme alongside the Offtake Guarantee Fund, stating that it is the next phase in the Agricultural and Food Systems Roadmap, first introduced in 2021.
> “This initiative introduces a structured, data-backed mechanism to monitor, optimise, and coordinate the inflow of agricultural produce into Lagos,” Olusanya said.
Designed to strengthen ties with major food-producing states, reduce food costs, eliminate post-harvest losses, and guarantee access to markets for farmers, the initiative aims to revolutionise Nigeria’s agricultural value chain.
The Heart of the Programme: The N500bn Offtake Guarantee Fund
Governor Sanwo-Olu clarified that the N500bn fund is not a subsidy, but a de-risking financial tool to unlock agricultural investments and stabilise food prices.
> “It will provide liquidity for aggregators, working capital for bulk traders, financing for logistics providers, and credit support for food producers. It is a catalytic vehicle to attract private investment and transform agriculture into a robust economic pillar.”
The fund will be administered through the newly established Lagos Food Systems Infrastructure Company (LAFSINCO), working in synergy with the Lagos Bulk Trading Company, Ekolog (Eko Logistics), and the Produce for Lagos Fund.
In an unprecedented infrastructural rollout, Lagos will deploy 150 cold and dry trucks — the largest fleet of its kind — to streamline food movement from farms to markets. These efforts will be underpinned by a comprehensive food data repository, which will track consumption patterns, sourcing locations, and food safety standards.
Governor Sanwo-Olu also announced strategic agricultural pacts with states such as Benue, Niger, Taraba, Oyo, Ogun, and Kaduna, aiming to establish seamless supply chain linkages between food-producing zones and Lagos.
Commissioner Olusanya spotlighted Lagos’s innovation engine, citing the success of the Lagos Fresh Food Hubs and cold-chain logistics projects, which are helping cut food waste and stabilise prices. She also highlighted initiatives such as:
The Lagos Agrinnovation Club – nurturing tech-savvy agri-preneurs and youth-led enterprises.
Eko Flavours – blending culinary creativity with economic empowerment.
Lagos Food Festival – reconnecting citizens to their cultural roots and culinary identity.
Lagos Agric Scholars and Agripreneurship Programmes – raising a new crop of agriculturally intelligent youth leaders.
> “We are creating a sovereign food system — one that feeds not just bellies, but minds, economies, and futures,” Olusanya said passionately.
Federal Government’s Endorsement and National Impact
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, represented by Dr. Doris Uzoka-Anite, described the programme as a bold alignment with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises food security and agriculture as foundational elements of Nigeria’s development.
He cited federal initiatives such as:
The National Agricultural Growth Scheme
The Special Agro-Processing Zones (SAPZ)
A $1 billion Brazil-Nigeria agro-mechanisation agreement to supply 10,000 tractors and 40,000 implements
Vocational centres to skill future agric professionals
Delivering a goodwill message, Chief of Defence Staff, General Christopher Musa, urged farmers to embrace ranching and peaceful resolution of herder-farmer conflicts. He advised citizens to report stray cattle incidents rather than resorting to violence, emphasising that peace is vital to agricultural progress.
Dignitaries in Attendance
The high-profile launch was graced by industry leaders, governors, and international partners. Notables included:
Prince Samuel J. Samuel, Chairman, Origin Tech Group
Dr. Bosun Tijani, Minister of Digital Economy
Mr. Michel Deleen, Consul General of the Netherlands
Governors Dapo Abiodun (Ogun), Agbu Kefas (Taraba), and Mohammed Umar Bago (Niger)
Governor’s Closing Charge: “Let Us Feed the Nation”
Concluding the event, Governor Sanwo-Olu issued a rousing call-to-action:
> “Let us go forth and Produce for Lagos! Let us rise together to feed this nation sustainably. This is our collective mission — one harvest, one job, and one meal at a time.”
Bottom Line:
With an unprecedented N500 billion fund, powerful public-private partnerships, and a clear roadmap to empower farmers, youths, and businesses, Lagos State is planting the seeds of a new agricultural era — one that could feed Nigeria, export innovation, and make food insecurity a thing of the past.
PIONEER NEWS 