Tony Elumelu Commits N25bln to Boost Lagos Food Security

Mr. Tony Elumelu, the Chairman of United Bank for Africa (UBA), has pledged a significant investment of N25 billion to support the “Produce for Lagos” programme.

This commitment was made during the launch of the N500 billion “Produce for Lagos offtake guarantee fund and programme at the Lagos House, Alausa, Ikeja, on Wednesday.

The programme, promoted by the Lagos Food Systems Infrastructure Company (LAFSINCO), aims to enhance food security and agricultural productivity in Lagos State.

According to Elumelu, the initiative will help tackle the challenge of joblessness among young people in the state.

“In a few years time, it will help us face the challenge of joblessness of our young ones,” he said.

“We believe that joblessness is a great problem of our young people. They shouldn’t be jobless, we have arable lands.”

Elumelu urged all stakeholders to collaborate and bring the vision to life, describing it as “our initiative”.

The “Produce for Lagos Programme” is designed to strengthen ties with major food-producing states, improve supply chain efficiency, reduce food costs and post-harvest losses, guarantee market access for farmers and agribusinesses, and create sustainable livelihoods across the agricultural value chain.

Mrs. Abisola Olusanya, the Commissioner for Agriculture and Food Systems, said the programme aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritizes agriculture and food security as national goals.

Persecondnews reports that the programme is backed by a N500 billion offtake guarantee fund, which aims to transform the state’s food system, reduce hunger, and boost inclusive economic growth.

This fund is designed to support the “Produce-for-Lagos” ecosystem of operators and provide a safety net for farmers and agribusinesses.

A key component of the programme is the introduction of a data-driven framework that enables the state to track and optimize the supply of agricultural produce.

This framework will help improve supply chain efficiency, reduce post-harvest losses, and guarantee market access for farmers and agribusinesses.

Elumelu’s commitment to the programme is part of his broader vision for UBA, which focuses on empowering young professionals and promoting economic development in Africa.

Under his leadership, UBA has become a leading pan-African financial services institution with presence in 20 African countries, as well as the UK, US, and UAE.