The Speaker of the Lagos State House of Assembly, Rt. Hon. (Dr) Mudashiru Obasa, has lauded the launch of the ₦500 billion Produce for Lagos initiative, describing it as a bold and transformative step toward addressing food insecurity and strengthening the agricultural value chain in the state.

The initiative, a collaborative effort between the Lagos State Government and private sector stakeholders, aims to tackle supply chain inefficiencies, improve access to agricultural produce, and boost food security across the state. It is being implemented through Special Purpose Vehicles (SPVs) such as the Lagos Food Systems Infrastructure Company (LAFSINCO), Lagos Bulk Trading Company, Eko Logistics, and the Produce for Lagos Fund.

Under the programme, credit facilities will be provided to food producers, while bulk traders and logistics operators will receive working capital support. The overall goal is to ensure a stable food supply for Lagos and surrounding regions, while encouraging increased private sector investment in agriculture and food systems.

Speaking to reporters on the initiative’s launch held at the Lagos House, Alausa, on Wednesday, Speaker Obasa hailed the ₦500 billion Offtake Guarantee Fund as a major milestone in repositioning agriculture as a key pillar of Lagos’ economic development.

“The Lagos State House of Assembly is fully committed to this vision, which will help to harness the infinite potential of our arable land and transform agriculture into the cornerstone of Lagos State’s economic prosperity,” Obasa said.

“We believe that agriculture has the potential to be a potent driver of food security, job creation, and economic diversification in our state.”

He noted that the Assembly has consistently championed agricultural development through enabling legislation and policies that encourage innovation, inclusivity, and investment in the sector.

“The Produce for Lagos initiative will go a long way in addressing food insecurity and ensuring long-term access to affordable, nutritious food across the state,” he added.

The Speaker also assured that the House of Assembly would accelerate work on the proposed Food Hub Bill, which seeks to formalise market operations and ease constraints associated with informal trading in the state’s food supply chain.