Sanwo-Olu: Lagos targets $10bn agric investment in five years

Babajide Sanwo-Olu, governor of Lagos, says investment in the agricultural sector of the state is projected to hit $10 billion in five years.

The governor disclosed this at the formal launch of a 5-year agricultural and food systems roadmap, on Thursday.

He said the investment will be received from government, private sector, donor agencies and development partners.

Sanwo-Olu said Lagos needs to implement the 5-year roadmap to boost agricultural production and reduce reliance on food produced in other states.

He added that the roadmap will enhance the state’s self-sufficiency in food production from 18 percent to 40 percent and achieve the sustainable development goals (SDGs).

“Our strategies for sustainable agricultural development shall focus on three pillars. Firstly, we will grow the upstream sector through interventions by leveraging technologies that are capable of lowering the cost of production of value chains such as fisheries, poultry, piggery, rice, vegetables and coconut with support from donor agencies,” he said.

“We will also focus on growing the midstream and downstream sectors that is value addition involving processing, handling, storage, cold chain, packaging, utilization and commercialization which are all important agricultural value chains by leveraging on the huge market with support from donor agencies.

“Lastly, we will improve on private sector participation by developing and initiating policies that will encourage more private investments in agriculture. This will include linking the private sector with business-friendly credits.

“The projection is that the total investment in the agricultural sector from the government, private sector, donor agencies and development partners will run into over $10 billion in the next five years.

“I am greatly encouraged by the interest already generated in the 5-year agricultural roadmap and I hope it will be sustained and backed with concrete action on the part of our development partners and the international community.”

In her remarks, Abisola Olusanya, the state commissioner for agriculture, said the roadmap seeks to increase sufficiency in food production in Lagos.

She said the plan will boost quality of food, adoption of technology and inclusiveness in the society.

“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 food sufficiency in Lagos,” she said.

“I dream of a Lagos that is socially inclusive; where the informal sector becomes transformed into data-driven clusters and then contribute towards the development of this great State. I dream of a Lagos where wholesome food is made available; where healthy people thrive.”