Lagos agricultural sector to generate $10 billion within the subsequent 5 years

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The Lagos State Governor, Mr Babajide Sanwo-Olu, has projected that the agricultural sector within the state might generate as a lot as $10 billion throughout the subsequent 5 years.

This is because the governor famous that Lagos might now not afford to rely solely on different states for its meals, including that it was time to unlock its immeasurable agricultural potential by means of the implementation of the 5-year roadmap.

This disclosure was made by the Governor on the formal launch of the state’s 5-year Agricultural and Food Systems Roadmap, on Thursday, including that a lot of the investments could be non-public sector-driven whereas the federal government acts because the catalyst and enabler.

Governor Sanwo-Olu opined that the Roadmap would additionally result in wealth era, worth creation, meals safety, the industrialisation of the agricultural sector and the entrenchment of inclusive socio-economic improvement of the state.

He mentioned that the roadmap basically focuses on 3 pillars, that are: progress of the upstream sector, progress of the midstream and downstream sectors in addition to enchancment of personal sector participation.

What the Lagos State Governor is saying

Sanwo-Olu, in his phrases, mentioned, “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 whole funding within the Agricultural Sector from the federal government, non-public sector, donor companies and improvement companions will run into over $10 billion within the subsequent 5 years. While we anticipate a lot of the funding to be non-public sector-driven, the federal government will proceed to offer the wanted infrastructure whereas the non-public sector will likely be inspired to steer the important thing initiatives.’

The governor identified that the state had already began the revamping of its Agricultural Land Holding Authority (ALHA) to assist funding in agriculture, giving assurance that the coconut belt would even be strengthened with elevated non-public sector involvement.

Sanwo-Olu listed some State’s landmark investments that may help clean supply of the Roadmap to incorporate the Lagos State Aquatic Centre of Excellence (LACE) that may increase fish manufacturing from 20% to 80%, the Imota Rice Mill, the Lagos Food Production Centre Avia, Igborosu-Badagry in addition to different statewide agriculture-focused initiatives.

He mentioned, “I’m enormously inspired by the curiosity already generated within the Five-Year Agricultural Roadmap and I hope it will likely be sustained and backed with concrete motion on the a part of our improvement companions and the worldwide neighborhood. I guarantee you that the Lagos State Government is putting in deliberate incentives to make your funding protected, safe and worthwhile.’

Sanwo-Olu, due to this fact, urged potential and established stakeholders within the agricultural sector to companion with the state with the intention to rework the agricultural sector for meals safety, wealth era, poverty eradication, financial diversification, fast industrialisation and accelerated socio-economic progress.

Bottom line

This is a really laudable initiative from the Lagos State Government particularly at a time the nation is diversifying its financial system. The profitable implementation of this programme with the anticipated advantages from the worth chain will contribute considerably to the financial improvement of the state and the nation generally.

The funding within the transformation of agriculture to agribusiness is a technique of reaching the dream of achieving self-sufficiency in meals manufacturing and creating extra wealth.

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