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Lagos to generate $ 10 billion in agricultural investments by 2025 – Sanwo-Olu



Lagos to generate $ 10 billion in agricultural investments by 2025 – Sanwo-Olu

By Olayinka Olawale / Florence Onuegbu

Lagos State Governor Babajide Sanwo-Olu said on Thursday that the state is expected to generate $ 10 billion in the agricultural sector over the next five years.

Sanwo-Olu said this during the official launch of the Five-Year Agriculture and Food Systems Roadmap in Lagos.

He said most investments should be driven by the private sector with the necessary infrastructure provided by the government.

The projection is that the total investment in agriculture from government, private sector, donor agencies and development partners will amount to more than $ 10 billion over the next five years.

“The objective of the five-year roadmap is to develop agricultural value chains where Lagos State has competitive and comparative advantages.

“This will help increase the state’s self-sufficiency in food production from 18 to 40 percent and achieve the Sustainable Development Goals in Lagos State.

“The roadmap is therefore the most appropriate tool to unleash the capacity to produce the agricultural products most consumed in the state and to accelerate the creation of farms and agribusiness,” said Sanwo-Olu.

He said the state could no longer afford to rely exclusively on other states for its food, stressing that it was time for the state to unleash its immeasurable agricultural potential.

The governor said the road map would also lead to wealth creation, value creation, food security, industrialization of the agricultural sector and the entrenchment of inclusive socio-economic development of the country. ‘State.

According to him, the roadmap mainly focuses on three pillars which are the growth of the upstream sector, the growth of the middle and downstream sectors, as well as the improvement of the participation of the private sector.

“Our sustainable agricultural development strategies will focus on three pillars which include the growth of the upstream sector through interventions by leveraging technologies capable of reducing the cost of production of agriculture with the support of donors.

“We will also focus on growing middle and downstream sectors that involve processing, handling, storage, cold chain, packaging, use and marketing.

“The government will also help the private sector with business-friendly credit,” he said.

The governor revealed that the state has already started overhauling its Farmland Holding Authority, to support investment.

He added that the coconut belt would also be strengthened through increased involvement of the private sector.

Sanwo-Olu said that some of the historic investments that would help the roadmap execute well included the National Center of Aquatic Excellence (LACE).

He said LACE would increase fish production from 20 percent to 80 percent.

Others, he said, included the Imota Rice Mill, Lagos Avia Food Production Center, Igborosu-Badagry, as well as other statewide agriculture-focused initiatives. .

“I am excited about the wealth we will generate from our fertile lands and coastal resources.

“The next five years will be productive, competitive and transformational as Lagos State implements its agricultural roadmap.

“We are on our way to becoming the agricultural powerhouse of the country, and I invite you to join us in making history.

“I am very encouraged by the interest already aroused by the five-year agricultural roadmap and I hope that it will be supported and supported by concrete actions on the part of our development partners and the international community.

“I assure you that the Lagos State government is putting in place deliberate incentives to make your investment safe, secure and profitable,” he said.

Previously, State Agriculture Commissioner Abisola Olusanya said the roadmap was a brain-child of the Agriculture Stakeholder Summit held at the start of the Sanwo-Olu administration.

Olusanya said partnerships with the private sector would go a long way in bringing the roadmap to fruition.

She said investing in transforming agriculture into agro-industry was a way to realize the dream of achieving self-sufficiency in food production.

“With thousands of hours spent by statisticians, agricultural experts, investment bankers and practitioners, this strategic document has been implemented to help pave the way towards sufficient food in Lagos.

“I dream of a socially inclusive Lagos; where the informal sector turns into data-driven clusters and then contributes to the development of this great state, ”she said.

Finance Commissioner Dr Rabiu Olowo said agriculture currently generates less than 2 percent of the state’s gross domestic product.

He added that establishing the roadmap would lead to more investment and create wealth.

Olowo therefore urged all stakeholders in the agricultural sector to work together to ensure the success of the roadmap. (NOPE)


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