The executive governor of Lagos State, Babajide Sanwo-Olu, has announced the launch of first series of the N30billion Eko Rice Contracts Programme on the Lagos Commodities and Futures Exchange.
In a post on his Twitter handle, the governor claimed that the Series 1, valued at five billion naira, will position the state as an innovative hub in the agricultural sector.
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He wrote:
I’m happy to announce the launch of the Five Billion Series 1 of the 30 Billion Eko Rice Contracts Programme on the Lagos Commodities and Futures Exchange.
This revolutionary public-private partnership is a game-changer for agriculture and food security in Lagos State.
Agriculture is a critical sector of our economy, and this programme positions Lagos as an innovative hub. By guaranteeing the availability of affordable rice, we’re ensuring food security for over 80% of Lagos families and also empowering our local farmers and driving economic growth together.
Our commitment to the development of the Rice Value Chain has yielded remarkable results. We’ve scaled up local paddy production by 63.5%, creating over 2,620 jobs and improving livelihoods in rice-producing communities. This is just the beginning of our agricultural revolution.
Today’s bell ringing ceremony on Lagos Commodities and Futures Exchange is a historic moment. We’re offering exciting investment opportunities in Lagos’ agricultural sector, highlighting these investment opportunities and projecting the role of the Capital Market in driving development in Lagos’ commodities ecosystem. Let’s seize the potential!
Through our agreement with Lagos Commodities and Futures Exchange, we’ll ensure a sustainable supply of paddy to the rice mill. Every three months, 15,000 metric tonnes of paddy will be milled and sold to the public through subscribers. This collaboration strengthens the rice value chain and boosts confidence in the market.
Ojelabi, the publisher of Freelanews, is an award winning and professionally trained mass communicator, who writes ruthlessly about pop culture, religion, politics and entertainment.
