Elumelu pledges ₦25bn as Sanwo-Olu launches ₦500bn Food Offtake Fund

By Adeola Ogunrinde –

Chairman of Heirs Holdings, Mr. Tony Elumelu, on Wednesday pledged ₦25 billion to support the Lagos State Government’s ₦500 billion Food Offtake Guarantee Fund, as Governor Babajide Sanwo-Olu announced that over ₦100 billion has already been realised under the initiative.

The announcement was made during the launch of the Produce for Lagos initiative at the Lagos House in Ikeja. The programme aims to tackle food insecurity, improve food availability and affordability, and support agricultural stakeholders across the value chain.

Sanwo-Olu described the initiative and its accompanying fund as a “watershed moment” in Lagos’ drive towards food security, self-sufficiency, and inclusive growth for both the state and the nation. He said the fund would ensure guaranteed offtake contracts, financing access, and logistics support for producers.

According to the governor, the ₦500 billion fund is not a subsidy, but an investment vehicle designed to attract private capital, stabilize food prices, and reduce the risks associated with agricultural production and distribution.

“We are creating a whole new agricultural ecosystem—one that combines policy, financing, infrastructure, and data to meet the demands of today and tomorrow,” Sanwo-Olu said.

He also expressed gratitude to his predecessor, President Bola Ahmed Tinubu, for laying the groundwork for Lagos’ development strategy, which continues to drive innovation across sectors including agriculture.

Lagos State Commissioner for Agriculture, Ms. Bisola Olusanya, noted that the fund would give farmers the confidence to grow, encourage offtakers to purchase produce, and incentivize financiers to invest, all while ensuring food security for Nigerians.

Dignitaries at the launch included Chief of Defence Staff, General Christopher Musa; Minister of Livestock Development, Mr. Idi Mukhtar-Maiha; Minister of State for Finance, Mrs. Uzoka Anite; members of the Senate Committee on Agriculture, and key players from the banking and private sectors, all of whom hailed the initiative as a game-changer for national food production.