The Eko Rice value chain, according to Lagos State Governor Babajide Sanwo-Olu, has generated no less than 2,620 employment. He announced the launch of “Five Billion Series 1” of the “30 Billion Eko Rice Contracts Programme” on the Lagos Commodities and Futures Exchange.
The governor tweeted a statement on Wednesday, describing the announcement as a “revolutionary public-private partnership.” He added that it would be “a game-changer for agriculture and food security” in the state.
“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.”
According to Sanwo-Olu, his administration supplied over 80% of Lagos homes with food security. Furthermore, the administration ensures that inexpensive rice is always available.
He continued by saying that the state was also fostering economic development in addition to supporting neighbourhood farmers.
Governor stated, “Our commitment to the development of the rice value chain has yielded remarkable results. We’ve scaled up local paddy production by 63.5 per cent, creating over 2,620 jobs and improving livelihoods in rice-producing communities.
“This is just the beginning of our agricultural revolution.
“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.”
cc: Punch Ng
