Governor Babajide Sanwo-Olu of Lagos State has launched the first phase of the Eko Rice Contracts Programme, worth five billion Naira, on the Lagos Commodities and Futures Exchange.
This initiative marks a significant milestone in enhancing agriculture and ensuring food security within the state.
Governor Sanwo-Olu expressed his enthusiasm for this groundbreaking public-private partnership, emphasizing its role in positioning Lagos as an innovative agricultural hub.
Recognizing the vital importance of agriculture to the economy, Governor Sanwo-Olu stated that “the programme would guarantee the availability of affordable rice, benefiting over 80% of Lagos households.”
He stated that “The initiative aims to empower local farmers, stimulate economic growth, and solidify Lagos’ position as an agricultural leader.”
Governor Sanwo-Olu highlighted the success achieved in developing the Rice Value Chain, including a remarkable 63.5% increase in local paddy production.
He reacted that the progress has resulted in the creation of over 2,620 jobs and improved livelihoods for rice-producing communities.
He emphasized that this agricultural revolution was only the beginning of a broader transformation.
“The ceremonial bell ringing event on the Lagos Commodities and Futures Exchange was regarded as a historic moment by the governor.
“The occasion not only showcased the investment opportunities within Lagos’ agricultural sector but also highlighted the pivotal role of the Capital Market in driving development within the commodities ecosystem,” Sanwo-Olu said.
Governor Sanwo-Olu encouraged all stakeholders to seize the potential presented by these opportunities.
Through the collaboration with the Lagos Commodities and Futures Exchange, the governor assured a consistent supply of paddy to the rice mill. Under this agreement, 15,000 metric tonnes of paddy will be milled and made available to the public every three months through subscribed channels.
This partnership serves to strengthen the rice value chain and instill confidence in the market.