Benjamin Omoike I Saturday, May 23. 26
LAGOS, Nigeria – Lagos State Government has unveiled plans to establish a Lagos Wealth Fund and a ₦1 trillion “Produce for Lagos” initiative as part of broader strategies to strengthen economic resilience, guarantee food security and build long-term financial stability for the state.
Commissioner for Finance, Mr. Abayomi Oluyomi, disclosed this during the Ministerial Press Briefing in Alausa, Ikeja, on Friday.
Oluyomi said the proposed Lagos Wealth Fund had recorded significant progress, including public hearings and the development of an advanced draft of the Lagos State Wealth Fund Law aimed at institutionalising long-term savings and strategic investments for future generations.
According to him, the initiative is designed to ensure that future generations inherit assets rather than liabilities, while also creating a financial stabilisation buffer capable of shielding the state from economic shocks.
“This is not about creating another bureaucracy. It is about institutionalising savings discipline so future generations inherit assets, not liabilities; targeting infrastructure and technology investment at Lagos-specific priorities; building a stabilisation buffer against inevitable economic shocks; and demonstrating governance excellence that matches — and perhaps exceeds — NSIA’s celebrated standards,” Oluyomi said.
The commissioner also revealed details of the ₦1 trillion Produce for Lagos Fund, describing it as a strategic agricultural and food security programme targeted at boosting domestic food production and guaranteeing stable food supply for Lagos residents.
He explained that the initiative would focus on increasing agricultural productivity within Lagos while establishing partnerships with states that possess vast arable land for large-scale food production.
Under the domestic production programme, Oluyomi said the state plans to maximise the use of over 30,000 hectares of agricultural land currently available in Lagos to achieve 40 per cent food self-sufficiency.
He added that the up-country component of the programme would target intensive farming across at least 500,000 hectares in collaboration with other states and the Federal Government to strengthen food supply chains into Lagos.
Oluyomi noted that the initiatives formed part of the state government’s broader economic strategy to build a globally competitive and sustainable economy capable of supporting long-term development and infrastructure growth.
