Lagos agricultural sector to generate $10 billion in the next 5 years

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The Lagos State Governor, Mr Babajide Sanwo-Olu, has projected that the agricultural sector in the state could generate as much as $10 billion within the next 5 years.

This is as the governor noted that Lagos could no longer afford to rely exclusively on other states for its food, adding that it was time to unlock its immeasurable agricultural potential through the implementation of the 5-year roadmap.

This disclosure was made by the Governor at the formal launch of the state’s 5-year Agricultural and Food Systems Roadmap, on Thursday, adding that most of the investments would be private sector-driven while the government acts as the catalyst and enabler.

Governor Sanwo-Olu opined that the Roadmap would also lead to wealth generation, value creation, food security, the industrialisation of the agricultural sector and the entrenchment of inclusive socio-economic development of the state.

He said that the roadmap essentially focuses on 3 pillars, which are: growth of the upstream sector, growth of the midstream and downstream sectors as well as improvement of private sector participation.

What the Lagos State Governor is saying

Sanwo-Olu, in his words, 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, the government will continue to provide the needed infrastructure while the private sector will be encouraged to lead the key projects.’

The governor pointed out that the state had already started the revamping of its Agricultural Land Holding Authority (ALHA) to support investment in agriculture, giving assurance that the coconut belt would also be strengthened with increased private sector involvement.

Sanwo-Olu listed some State’s landmark investments that will aid smooth delivery of the Roadmap to include the Lagos State Aquatic Centre of Excellence (LACE) that would boost fish production from 20% to 80%, the Imota Rice Mill, the Lagos Food Production Centre Avia, Igborosu-Badagry as well as other statewide agriculture-focused initiatives.

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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.’

Sanwo-Olu, therefore, urged potential and established stakeholders in the agricultural sector to partner with the state in order to transform the agricultural sector for food security, wealth generation, poverty eradication, economic diversification, rapid industrialisation and accelerated socio-economic growth.

Bottom line

This is a very laudable initiative from the Lagos State Government especially at a time the country is looking at diversifying its economy. The successful implementation of this programme with the expected benefits from the value chain will contribute significantly to the economic development of the state and the country in general.

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The investment in the transformation of agriculture to agribusiness is one way of achieving the dream of attaining self-sufficiency in food production and creating more wealth.

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Chike Olisah

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team.
You may contact him via his email- [email protected]om.

Business

Unemployment: Tech can be used to reduce youth unemployment – BOI

The FG disclosed that technology can be used as a catalyst to solve the youth unemployment crisis in Nigeria.

Published

2 hours ago

on

April 23, 2021

By

William Ukpe
Managing-Director-BoI-Mr.-Olukayode-Pitan, Bank of Industry supports SMEs with N3.9 billion loan +1

The FG disclosed that Technology can be used as a catalyst to solve the youth unemployment crisis in Nigeria, citing that embracing tech and infusing it into business processes will make organisations and the country more competitive.

This was disclosed by Mr Olukayode Pitan, Managing Director, Bank of Industry (BOI), at the inauguration of BOI-UNILAG Incubation and Co-Working Hub, on Thursday in Lagos.

What Mr Pitan said

Tech can help solve some of Nigeria’s social problems particularly youth unemployment which has been further exacerbated by the pandemic.

At the Bank of Industry, we believe that corporate organisations that are privileged to be in business at these difficult times need to bring groups of like-minded young individuals together to help create wealth and prosperity for future generations.

Embracing tech and infusing it into business processes will make organisations and the country more competitive.

It can create exciting jobs that encourage our young people to stay in Nigeria even as they work and compete globally,” he said.

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The BOI boss also revealed that 2 additional hubs have been completed in Kaduna and Kebbi, citing that the bank will also provide funding to support credible and bankable ideas that emerge from the tech hubs to enable them start operations and scale into viable businesses.

“At the Bank of Industry, we believe that with the collective will of our young people’s positive passion, the right government policies, mentorship, and private capital, this can become a reality in a short period,” he said.

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What you should know

Nigeria’s unemployment rate as of the end of 2020 rose to 33.3% from 27.1% recorded as of Q2 2020, indicating that about 23,187,389 (23.2 million) Nigerians remain unemployed.

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According to the last Gross Domestic Product Report, released by the National Bureau of Statistics (NBS), the information and communication sector grew by 13.8%% in full-year 2020 compared to 11.08% recorded in 2019 and 9.65% in 2018.

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Business

FG deploys undercover agents to check touting, extortion, others by passport officers

This is part of measures to make the passport application process easier, seamless and transparent.

Published

2 hours ago

on

April 23, 2021

By

Chike Olisah
Buhari discloses what it will take to reverse US visa ban

The Federal Government, on Thursday, announced plans to deploy undercover security operatives in a bid to check touting, extortion and other sharp practices by passport officers across the country and at Nigerian missions abroad. This is part of measures to make the passport application process easier, seamless and transparent.

This disclosure was made by the Minister of Interior, Mr Rauf Aregbesola, in Abuja on Thursday, April 22, 2021.

The Minister stated that the country had in the past witnessed several challenges, which included shortage of booklets, touting, racketeering, inflating the cost of passports being issued to ineligible persons, and so on.

What the Minister of Interior is saying

Aregbesola, in his statement, said, “We are turning round the entire passport application process in a way that is going to be easy, seamless and transparent. We will also accord human dignity to applicants and fulfil citizenship integrity.

Therefore, I am declaring a zero-tolerance stance to all forms of touting. No applicant will be made to pay any illegitimate fees. We are going to embed security operatives, seen and unseen, in all our passport offices. They will wear body cameras.

They will also detect and report any form of solicitations, inflation, improper communications, extortion, diversion, hoarding and other corrupt practices. Applicants will have no basis for further communication officers, other than to complete their application process and leave the venue.

The date for the collection of their passports or any challenge to the application will be communicated to them. The technology for the efficient running of this system has been acquired and will be deployed. Those caught will be dealt with according to the law.”

The Minister said that an ombudsman would also be created for members of the public to receive complaints and reports on officers trying to deviate from prescribed guidelines and subvert the process.

He explained that 2 special centres for expedited services had been created, adding that the special centres would run on a public-private partnership basis.

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He said, “We are publishing on our website the list of the backlog of passports that are ready which are yet to be collected by the owners. They will be required to go to the state commands to collect them.”

In case you missed it

  • It can be recalled that in March 2021, the Federal Government in partnership with the private sector, launched the Nigeria Immigration Service Passport Express Centre.
  • This is to enable the government offer passport services to Nigerians and make passports available within a maximum period of 72 hours after a successful application.


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