The fund aims to cut post-harvest losses by buying produce directly from farmers, improving storage and logistics, and ensuring steady supply to the Lagos market.
The Lagos State Government has launched a ₦500 billion Produce for Lagos Offtake Fund to tackle food waste and grow Nigeria’s agribusiness sector.
The fund aims to cut post-harvest losses by buying produce directly from farmers, improving storage and logistics, and ensuring steady supply to the Lagos market.
Speaking at the launch in Ikeja, Governor Babajide Sanwo-Olu said, “Lagos consumes over 50% of food traded in the Southwest, yet half is lost before reaching consumers. This fund will fix that gap.”
State governors from Ogun, Ondo, Kogi, Niger, and Taraba backed the initiative with a signed MoU. Ondo Deputy Governor Olayide Adelami called it “sustainable and collaborative.”
Finance Minister Doris Uzoka-Anite praised Lagos for aligning with President Tinubu’s Renewed Hope Agenda.
UBA Chairman Tony Elumelu pledged ₦25bn to the fund, while 150 LNG-powered trucks were unveiled to aid long-haul transport.