Sanwo-Olu inaugurates first phase of Eko Rice contracts

Sanwo-Olu inaugurates first phase of Eko Rice contracts

Lagos State Governor, Mr Babajide Sanwo-Olu, has inaugurated the Five Billion Series 1 of the 30 Billion Eko Rice Contracts Programme on the Lagos Commodities and Futures Exchange.

Governor Sanwo-Olu disclosed this via his Facebook page on Wednesday evening.

“This revolutionary public-private partnership is a game-changer for agriculture and food security in Lagos State,” Sanwo-Olu said.

He added, “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. ”

The governor highlighted his commitment to the development of the Rice Value Chain, stating that it has yielded remarkable results.


Sanwo-Olu at the event

“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,” he stated.

He continued that, “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.”

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