In what has been described as a landmark private sector intervention in Nigerian agriculture, Tony Elumelu, Chairman of Heirs Holdings and the United Bank for Africa (UBA), has committed ₦25 billion to support the ‘Produce for Lagos’ Programme a government-led initiative aimed at transforming the state’s food ecosystem, ensuring market access for farmers, and tackling youth unemployment through agriculture.
Elumelu made the announcement on Wednesday, July 23, 2025, during the official launch of the Produce for Lagos Programme and the ₦500 billion Offtake Guarantee Fund at the Lagos House in Ikeja.
Largest Private-Sector Commitment to a State-Led Agricultural Programme
Speaking at the high-level gathering, which drew top government officials, military leaders, private sector titans, and civil society representatives, Elumelu emphasized the transformational potential of agriculture when properly funded and structured.
“This initiative will tackle the root causes of joblessness. Agriculture has the power to employ millions if we invest the right way,” Elumelu said.
“We at Heirs Holdings are committing ₦25 billion to support this food systems transformation. We will work hand-in-hand with the Lagos State Government to scale its impact by creating jobs and ensuring food security.”
The ₦25 billion commitment, which will be channeled through UBA, is the largest single financial pledge from a private institution to any state-run agriculture programme in Nigeria’s history. Elumelu also announced a ₦1 billion personal donation to the Lagos State Government, underscoring his long-term vision for inclusive economic growth.
Lagos Launches ₦500 Billion Uptake Guarantee Fund
Prior to Elumelu’s announcement, Governor Babajide Sanwo-Olu officially launched the ₦500 billion Uptake Guarantee Fund, a flagship vehicle under the Produce for Lagos umbrella, designed to address food system fragility caused by COVID-19, climate shocks, and global supply chain disruptions.
Sanwo-Olu noted that Lagos despite being Nigeria’s commercial capital consumes over 50% of all food produced in the Southwest, yet relies heavily on imports from northern states and other countries.
“We must reposition Lagos to become more self-reliant. We are transforming our agricultural approach from subsistence to structured value-chain development,” the Governor declared.
From ‘Agriculture’ to ‘Food Systems’
As part of this structural overhaul, Lagos renamed its Ministry of Agriculture in 2024 to the Ministry of Agriculture and Food Systems, aligning its goals with broader developmental targets such as climate adaptation, rural-urban integration, post-harvest storage, and logistics improvement.
Abisola Olusanya, Commissioner for Agriculture and Food Systems, described the Offtake Guarantee Fund as a “catalyst for value chain stability”, explaining that farmers will now benefit from guaranteed market access through long-term offtake agreements. The strategy also includes infrastructure rollouts like the Lagos Fresh Hub, new agro-processing zones, and financing schemes for youth agripreneurs and digital innovators.
National Endorsement & Security Angle
The Federal Government has also thrown its weight behind the programme. Doris Uzoka-Anite, Minister of State for Finance, said the fund aligns with President Bola Tinubu’s Renewed Hope Agenda, which prioritizes food security as a critical path to economic revival.
In a powerful endorsement, Chief of Defence Staff, Gen. Christopher Musa, emphasized that “food security is national security”, and called for accelerated ranch development to ease tensions between herders and farmers a recurring source of rural instability in Nigeria.
Agribusiness Redefined: Lagos as a Hub
With the Lagos Food Systems Infrastructure Company coordinating implementation in collaboration with major private partners, the programme aims to minimize post-harvest losses, boost inter-state produce supply chains, and position Lagos as Nigeria’s agribusiness hub.
For investors and policymakers, this initiative presents a blueprint for urban-state food systems transformation, especially in an era of rising inflation, food scarcity, and youth unemployment.
