Tony Elumelu pledges N25b to ‘Produce for Lagos’ initiative
Tony Elumelu, the Chairman of Heirs Holdings, has announced a pledge of N25 billion towards the Produce for Lagos Programme, marking it as the largest contribution from the private sector to this initiative.He made this announcement on Wednesday at the Lagos House in Ikeja during the official launch of the Produce for Lagos Programme along with the N500 billion Offtake Guarantee Fund.
The objective of the programme is to enhance food security, address supply chain issues, and improve the availability of agricultural products throughout Lagos State.
Elumelu commended the Lagos State Government for taking what he referred to as a groundbreaking step towards economic inclusion.
He emphasized the initiative’s potential to reduce youth unemployment by engaging young individuals in productive agricultural activities across the state’s farmlands.
“This initiative will address the fundamental causes of unemployment. Agriculture has the capacity to create millions of jobs—if we make the right investments,” Elumelu stated.
“At Heirs Holdings, we are dedicating N25 billion to facilitate this transformation of food systems. We will collaborate closely with the Lagos State Government to enhance its impact by generating employment.”
Elumelu also indicated that the N25 billion commitment would be channeled through the United Bank for Africa.
He additionally announced a separate donation of N1 billion to the Lagos State Government during the event.
At the same event, Lagos State Governor Babajide Sanwo-Olu introduced the N500 billion Uptake Guarantee Fund, aimed at revamping the state’s food system, combating hunger, and promoting inclusive economic growth.
Sanwo-Olu remarked that the initiative responds to weaknesses exposed by COVID-19, climate change, and global supply chain disruptions.
He highlighted the importance of increased self-sufficiency, pointing out that Lagos consumes over half of the total food production in the Southwest region.
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