Food security: Lagos takes Eko rice to commodities market, seeks investment

The Lagos government has sealed a partnership deal with the state commodities and futures exchange to ensure a steady supply of rice paddy to its rice mill in Imota, Ikorodu.

Babajide Sanwo-Olu, governor of Lagos, said through the partnership, 15,000 metric tonnes of paddy will be milled and sold to the public every three months.

The governor spoke on Wednesday during the launch of the ‘Five Billion Series 1 of the 30 Billion Eko Rice Contracts’ programme on the Lagos Commodities and Futures Exchange.

He said the event was a game changer, adding that the public-private partnership (PPP) would improve agriculture and food security in the state.

“Agriculture is a critical sector of our economy, and this programme positions Lagos as an innovative hub,” Sanwo-Olu said.

“By guaranteeing the availability of affordable rice, we’re ensuring food security for over 80 percent of Lagos families and also empowering our local farmers and driving economic growth together.

“Our commitment to the development of the rice value chain has yielded remarkable results. We’ve scaled up local paddy production by 63.5 percent, creating over 2,620 jobs, and improving livelihoods in rice-producing communities. This is just the beginning of our agricultural revolution.

“Today’s bell ringing ceremony on Lagos Commodities and Futures Exchange is a historic moment. We’re offering exciting investment opportunities in Lagos’ agricultural sector, highlighting these investment opportunities and projecting the role of the capital market in driving development in Lagos’ commodities ecosystem. Let’s seize the potential!

“Through our agreement with Lagos Commodities and Futures Exchange, we’ll ensure a sustainable supply of paddy to the rice mill. 

“Every three months, 15,000 metric tonnes of paddy will be milled and sold to the public through subscribers. This collaboration strengthens the rice value chain and boosts confidence in the market.”