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Tony Elumelu, chairman of United Bank for Africa (UBA), has contributed N25 billion to the Lagos Food Systems Infrastructure Company’s Produce for Lagos Program.
The program is anticipated to improve food security and encourage the state’s economic growth.
During Wednesday’s project launch in Lagos, Elumelu made the announcement.
“It will help us deal with the problem of our young people not having jobs in a few years,” Elumelu stated.
“We consider unemployment to be a serious issue for our youth. Because we have arable lands, they shouldn’t be unemployed.
Designating it as “our initiative,” he called on all parties involved to work together and realize the objective.
Elumelu declared, “We will do whatever your excellency requests of us at United Bank of Africa, Transcorp Group, Tony Elumelu Foundation, and Heirs Holdings.”
An offtake guarantee fund of N500 billion and the Produce for Lagos Program were formally introduced by Abisola Olusanya, the state’s commissioner for the ministry of agriculture and food systems.
The program is a component of the Lagos State Agricultural and Food Systems Roadmap, which was introduced in 2021, according to Olusanya.
By creating a data-driven framework that allows states to monitor and optimize the supply of agricultural produce to the state, the program, she continued, addresses the unorganized and informal flow of food into Lagos.
“The goal of the Produce for Lagos Program is to improve the efficiency of the supply chain, lower food costs and post-harvest losses, ensure market access for farmers and agribusinesses, and establish sustainable livelihoods throughout the agricultural value chain,” Olusanya stated.
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“This aligns with His Excellency, President Bola Ahmed Tinubu’s Renewed Hope Agenda, GCFR, which prioritizes food security and agriculture as national goals.”
Lagos is positioned under the program as a strategic partner and dependable off-taker in the development of a robust and integrated agricultural economy, the commissioner stated.
A memorandum of understanding (MoU) on the manufacturing and retailing of food products between the governments of Lagos and Niger states was signed in March 2024.
