Tony Elumelu Backs Lagos Food Initiative with N25 Billion
In a significant boost to food security and agricultural development in Lagos State, renowned banker and philanthropist Tony Elumelu has announced a landmark commitment of ₦25 billion to support the Produce for Lagos Programme, a state-led agricultural initiative aimed at strengthening the local food supply chain.
The announcement was made on Wednesday, July 23, 2025, during the official launch of the Produce for Lagos Programme and the ₦500 billion Offtake Guarantee Fund, held at the Lagos House in Ikeja.
The high-profile event was attended by key government officials, industry stakeholders, and members of the private sector.
Elumelu, who is the Chairman of Heirs Holdings and Founder of the Tony Elumelu Foundation, described the pledge as a demonstration of the private sector’s readiness to partner with government in tackling critical issues such as food insecurity, inflation, and unemployment.
“We must invest in agriculture not only to ensure food security but also to create sustainable jobs and empower our youth,” Elumelu stated during his speech at the launch. “Lagos, as Nigeria’s commercial hub, must take the lead in demonstrating how public-private partnerships can deliver impact at scale.”
The ₦25 billion commitment is the single largest private sector investment announced so far in support of the initiative.
According to Elumelu, the funds will be channeled into expanding agricultural production, supporting farmers with inputs and technology, and improving infrastructure for storage, transportation, and market access.
The Produce for Lagos Programme is designed to reduce Lagos State’s dependence on food imports by stimulating local production and facilitating direct offtake agreements between farmers and distributors. With over 20 million residents, Lagos consumes a significant share of Nigeria’s food supply but currently imports a large portion from other states and regions.
Governor Babajide Sanwo-Olu, who formally launched the initiative, expressed gratitude to Elumelu for what he described as a “visionary and catalytic intervention.” He noted that the Offtake Guarantee Fund, anchored by the Lagos State government, will provide financial backing to ensure that locally produced food is bought and distributed efficiently.
“With this partnership and the support of trailblazers like Tony Elumelu, we are charting a bold new course towards self-sufficiency and agricultural resilience,” Governor Sanwo-Olu said.
Industry analysts have hailed the commitment as a potential game-changer for Nigeria’s agriculture sector, highlighting the importance of scalable funding and coordinated logistics in addressing systemic issues.
Elumelu’s involvement also signals a growing trend of private sector leaders taking an active role in addressing national development challenges through strategic investments and collaboration with public institutions.
With the programme now underway, both government and private sector stakeholders are optimistic that Lagos can become a model for other states seeking to strengthen food systems and reduce reliance on external food sources.
