Billionaire Tony Elumelu donates N25 billion as Lagos launches food security initiative
- Tony Elumelu has donated N25 billion to the Produce for Lagos Program, aimed at improving food security and boosting Lagos' economic growth
- The initiative, launched in partnership with key stakeholders, seeks to address joblessness, enhance supply chains, and reduce food costs
- Lagos also plans to collaborate with Niger State on food production to ensure sustainable agriculture and market access for farmers
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
The Lagos Food Systems Infrastructure Company's Produce for Lagos Program has received a N25 billion donation from Tony Elumelu, chairman of United Bank for Africa (UBA).
Source: Getty Images
It is anticipated that the program will improve food security and encourage the state's economic growth.
Elumelu made the announcement at the initiative's Wednesday launch in Lagos.
“In a few years' time, it will help us face the challenge of joblessness among our young people,” Elumelu said.
“We believe that joblessness is a great problem for our young people. They shouldn’t be jobless; we have arable lands.”
Referring to the project as "our initiative," he called on all parties involved to work together to realize the objective.
“Whatever your excellency wants us to do at United Bank for Africa, Transcorp Group, Tony Elumelu Foundation, and Heirs Holdings, we will do,” Elumelu said.
Together with a N500 billion off-take guarantee fund, the Produce for Lagos Program was formally launched by Abisola Olusanya, the state's commissioner for the Ministry of Agriculture and Food Systems.
According to Olusanya, the project is a component of the 2021-launched Lagos State Agriculture and Food Systems Roadmap.
She clarified that by implementing a data-driven framework that allows states to monitor and maximize the supply of agricultural produce to the state, the program tackles the unorganized and informal flow of food into Lagos.
“The Produce for Lagos Program is designed to strengthen ties with major food-producing states, improve supply chain efficiency, reduce food costs and post-harvest losses, guarantee market access for farmers and agribusinesses, and create sustainable livelihoods across the agricultural value chain,” Olusanya said.
“This is in alignment with the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu, GCFR, which prioritizes agriculture and food security as national goals.”
The program establishes Lagos as a key partner and dependable off-taker in the development of a robust and integrated agricultural sector, the commissioner continued.
Source: Getty Images
An agreement on the production and sale of food products between the governments of Lagos and Niger states was reached in March 2024.
Nigerian billionaire Tony Elumelu boosts stake in UBA
Legit.ng reported the Chairman of the United Bank for Africa (UBA) Group has purchased over 1.2 billion shares in the bank within two days.
This comes barely a week after a smaller purchase of 45 million shares and suggests that the billionaire is consolidating his position as majority shareholder ahead of the next capital raising exercise.
The details of the transaction were contained in a regulatory filing to the Nigerian Exchange Group (NGX) on Monday, 2 June 2025, and signed by the Group Secretary, Bili Odum.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Legit.ng
