JUST IN: Lagos rice value chain created 2,620 jobs – Sanwo-Olu

The Governor of Lagos State, Babajide Sanwo-Olu, on Wednesday,said the Eko Rice value chain had created no fewer than 2,620 jobs.

This was as he announced the unveiling of the ‘Five Billion Series 1’ of the ‘30 Billion Eko Rice Contracts Programme’ on the Lagos Commodities and Futures Exchange.

A statement tweeted by the governor on Wednesday said the unveiling was a “revolutionary public-private partnership” which is “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,” the governor wrote, adding that, “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.”

Sanwo-Olu noted that by guaranteeing the availability of affordable rice, his government was ensuring food security for over 80 per cent of Lagos families.

He added that the state was also empowering local farmers and driving economic growth together.

“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,” the governor said.

The statement added, “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.”