Lagos launches 5-year agriculture plan to generate $10bn by 2025

Published 23 Apr,2021 via BizWatchNigeria - The Lagos State Government disclosed that investment in the state’s agriculture sector is projected to amount to $10 billion over the next five years.

This was stated by the Governor of Lagos State, Babajide Sanwo-Olu, at the launch of the five-year Agricultural and Food Systems Roadmap.

He noted that a huge chunk of the investment into the sector would be driven by players in the private sector.

Sanwo-Olu said explained that the roadmap was necessary, as the state was veering off its path of dependence on other states for food.

He stated that the time had come for Lagos to tap into its agricultural potentials, which is envisaged to be achieved through the food systems roadmap.

The governor listed three pillars that the programme is anchored on, and they include the growth of the upstream sector via leverage on technologies, growth of the midstream and downstream sectors, and the doubling down of participation of the private sector.

He said, “Our strategies for sustainable Agricultural Development shall focus on three pillars. First, we will grow the upstream sector through interventions by leveraging technologies that are capable of lowering the cost of production of value chains; Focus on growing the midstream and downstream sectors that are of value and lastly, we will improve on private sector participation by developing and initiating policies that will encourage more private investments in agriculture.

“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.

“While we expect most of the investment to be private sector-driven, government will continue to provide the needed infrastructure while the private sector will be encouraged to lead the key projects.”

Sanwo-Olu named some investments that the state had embarked on including the Lagos State Aquatic Centre of Excellence (LACE) that would ensure that fish production in the state grows to 80 percent from 20 percent; the Lagos Food Production Centre Avia, and the Imota Rice Mill.

He said, “I am greatly encouraged by the interest already generated in the Five-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.

”I assure you that the Lagos State Government is putting in place deliberate incentives to make your investment safe, secure and profitable.”

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