Lagos govt floats Eko Rice Contracts on Lagos Commodities and Futures Exchange
The Lagos Government in its bid to ramp up rice production and sufficiency on Wednesday floated a Five Billion Series 1 of the 30 Billion Eko Rice Contracts Programme on the floor of the Lagos Commodities and Futures Exchange.
Neptune Prime reports that the State Governor, Babajide Sanwo-Olu who launched the programme in Lagos said the move initiated by the government would revolutionise public-private partnership being the game-changer for agriculture and food security in Lagos State.
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The Governor noted that agriculture which is a key critical sector in the state’s economy if utilised could guarantee rice availability as well as ensuring food security for over 80 percent of families in the state.
“Agriculture is a critical sector of our economy, and this programme positions Lagos as an innovative hub,” the governor said.
“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.
“Our commitment to the development of the Rice Value Chain has yielded remarkable results. 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.
“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!
Recall late last year, the state government commenced the operations of Imota Rice Mill at the Epe area of the state.
The mill according to the governor has the capacity to mill 15,000 metric tonnes of rice paddy every three months which is being sold to the public.
“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,” the governor said.
