Nigeria: Lagos State to Raise $2bn for Agriculture, Food Security

The Lagos State Government is set to raise $2 billion by floating Agricultural Commodities Notes in partnership with the Lagos Commodities and Futures Exchange (LCFE), in a strategic move to revolutionise agriculture, especially, food production and guarantee food security.

As part of preparations some top officials of the state government held engagements with the management of LCFE, the second in the series.

Speaking at the meeting, Lagos State Commissioner for Agriculture, Abisola Olusanya, explained that the state had determined to end food scarcity by transforming Agriculture through capital injection.

According to her, a large expanse of land had been developed to create central logistics as hubs in the key locations of the state.

“To catalyse its five-year Agricultural Road map, Lagos State is prepared to raise $2 billion from private sector participation in partnership with the LCFE by floating Commodity Notes. The state has strong capacity to raise medium and long-term funds to execute developmental projects.

“It had raised huge amounts from the financial market over the years without default. The government is fully committed towards total transformation of Agriculture in order to boost food production. We shall place premium on capacity building among others to drive our agricultural revolution,” Olusanya said.

Also speaking, , the State’s Commissioner for Finance, Dr. Rabiu Olowo, noted that Governor Babajide Sanwo-Olu had re-affirmed his administration’s commitment towards Agricultural Commodities. Olowo lamented the poor contribution of Agriculture to the Gross Domestic Product of Lagos State and the need to reverse the trend.