Lagos eyes $10bn agric funding

Lagos state and its partners have committed to raising $10 billion investment in the agriculture sector in the next five years.

The state governor, Babajide Sanwo-Olu, said this yesterday when he unveiled a five-year food security road map to enhance food sufficiency to lift food production from the current 18 percent to 40%.

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At the event by the state Ministry of Agriculture, the governor said the effect of COVID-19 pandemic on food security necessitated the action.

“We are revamping the Agricultural Land Holding Authority (ALHA) to drive investment into agriculture. We will strengthen the coconut belt with increased private sector involvement.

“Lagos, the smallest state in Nigeria in terms of land size, relies on massive food importation and mutual collaboration on production with other states to ensure food sustenance for its 22 million population.”

The State Commissioner for Agriculture, Ms. Abisola Olusanya said: “With thousands of hours spent by statisticians, agriculture experts, investment bankers and practitioners, this strategic document was brought to life to help chart the way forward to a food sufficient Lagos.”

The Commissioner for Finance, Dr. Rabiu Olowo, said agriculture currently generates below 2% of the state’s Gross Domestic Product (GDP) stressing that the establishment of an Agricultural and Food Systems Roadmap would drive in more investments and create wealth.