Sanwo-Olu Launches ₦500bn Food Offtake Fund to Boost Agriculture

…unveils 150 cold and dry trucks for supply chain 

l-r: Chairman, Origin Tech Group, Prince Samuel .J Samuel; Governors, Dr. Agbu Kefas (Taraba); Farmer Umar Bago (Niger); chief host, Mr. Babajide Sanwo-Olu (Lagos); Alhaji Ahmed Usman Ododo (Kogi) and Prince Dapo Abiodun (Ogun) during the official launch of the Produce for Lagos Program and ₦500 Billion Offtake GuaranteeFund, at the Lagos House, Alausa, Ikeja, on Wednesday, July 23, 2025.

Governor Babajide Sanwo-Olu today, launched the Produce for Lagos Programme and a ₦500 billion Offtake Guarantee Fund to strengthen food security, reduce imports, and enhance agricultural productivity across Nigeria.

Speaking at the launch held at the Lagos House in Ikeja, Sanwo-Olu described Lagos as Nigeria’s largest food market, with a ₦16.14 trillion food economy. He said the initiative will provide off-take contracts, logistics, and credit support to producers, traders, and logistics operators, while creating jobs and stabilising food prices.

“The initiative will boost agricultural production and reduce reliance on informal and uncoordinated supply channels, create jobs for our youth and increase economic returns for all ecosystem stakeholders.

“It will be implemented through the Lagos Food Systems Infrastructure Company (LAFSINCO) and supported by key Special Purpose Vehicles like the Lagos Bulk Trading Company, Ekolog (Eko Logistics), and the Produce for Lagos Fund.

“This ₦500 Billion Offtake Guarantee Fund will provide working capital for bulk traders, finance for logistics operators, liquidity for aggregators, and credit support for food producers across Nigeria. It is a demonstration of our understanding that our food economy cannot thrive on policy alone – it requires financing.

“This fund is not a subsidy; it is an investment vehicle that will catalyse private capital, stabilise food prices, and de-risk agricultural operations across the value chain. What we are doing here is creating a whole new agricultural ecosystem, one that rises to meet the demands of today and of tomorrow—combining policy, financing, infrastructure, and data,” he said.

l-r: Governors, Mohammed Bago (Niger); Dr. Agbu Kefas (Taraba); chief host, Mr. Babajide Sanwo-Olu (Lagos); Prince Dapo Abiodun (Ogun) and Alhaji Ahmed Usman Ododo (Kogi) during the official launch of the Produce for Lagos Program and ₦500 Billion Offtake Guarantee Fund, at the Lagos House, Alausa, Ikeja, on Wednesday, July 23, 2025.

Sanwo-Olu  also unveiled a fleet of 150 cold and dry trucks to improve supply chain infrastructure, noting that the fund will be implemented through the Lagos Food Systems Infrastructure Company and other private-sector-led vehicles.

From second left: Lagos Commissioner for Agriculture and Food System, Ms. Abisola Olusanya; Governor of Taraba State, Dr. Agbu Kefas; his Niger State counterpart, Farmer Umar Bago; chief host/Governor Lagos State, Mr. Babajide Sanwo-Olu; his Kogi and Ogun State counterparts, Alhaji Ahmed Usman Ododo and Prince Dapo Abiodun respectively, during the official launch of the Produce for Lagos Program and ₦500 Billion Offtake Guarantee Fund, at the Lagos House, Alausa, Ikeja, on Wednesday, July 23, 2025. With them: Speaker of Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa (right), wife of the Deputy Governor, Lagos State, Mrs Oluremi Hamzat (second right) and others.

Governors from Ogun(Dapo Abiodun), Niger(Mohammed Bago), Taraba (Agbu Kefas), and Kogi (Usman Ododo) pledged support, along with ministers and the Chief of Defence Staff, who assured military collaboration to ensure the success of the programme.

Commissioner for Agriculture, Abisola Olusanya, and private sector players reaffirmed commitment to the initiative aimed at transforming Lagos into a food-secure state