Lagos Produce for Lagos Fund unveiled as state launches ₦1 trillion food security and wealth initiative to strengthen economic resilience

The Lagos State Government has unveiled plans for a major economic reform package, including the creation of a Lagos Wealth Fund and a ₦1 trillion agricultural initiative tagged the Produce for Lagos Fund, aimed at strengthening food security and long-term financial stability in the state.

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Commissioner for Finance, Mr. Abayomi Oluyomi, announced the initiative during a ministerial press briefing held on Friday in Alausa, Ikeja, Lagos.

The proposed Lagos Produce for Lagos Fund is designed to boost agricultural output, improve food supply chains and reduce dependence on external food sources while building a more resilient state economy.

Oluyomi said the Lagos Wealth Fund has already recorded significant progress, including public hearings and the drafting of legislation to institutionalise long-term savings and strategic investments for future generations.

He explained that the framework is intended to ensure that future generations inherit assets rather than liabilities, while also creating a stabilisation buffer to protect the state from economic shocks.

“This is not about creating another bureaucracy. It is about institutionalising savings discipline so future generations inherit assets, not liabilities,” Oluyomi said.

The commissioner further noted that the initiative would prioritise infrastructure and technology-driven investments aligned with Lagos-specific development needs.

On the agricultural component, he said the ₦1 trillion Lagos Produce for Lagos Fund would focus on increasing local food production and building partnerships with other states that have large arable land for farming.

According to him, the state plans to maximise over 30,000 hectares of available agricultural land within Lagos to achieve up to 40 per cent food self-sufficiency.

He also revealed plans for an up-country production strategy targeting at least 500,000 hectares in collaboration with other states and federal authorities to strengthen food supply chains into Lagos.

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The initiatives form part of the government’s broader strategy to build a globally competitive economy capable of sustaining long-term development, infrastructure growth and improved food security for residents.