Lagos unveils wealth fund, ₦1tn Produce Initiative to Boost Food Security and Economic Stability

Lagos Commissioner for Finance, Mr. Abayomi OluyomiMSME Africa | 23 May 2026

By Olusola Blessing

The Lagos State Government has announced plans to launch a Lagos Wealth Fund alongside a ₦1 trillion “Produce for Lagos” initiative as part of efforts to strengthen economic resilience, improve food security, and secure long-term financial stability for the state.

The Commissioner for Finance, Mr. Abayomi Oluyomi, disclosed this during a ministerial press briefing held in Alausa, Ikeja, on Friday.

According to Oluyomi, the proposed Lagos Wealth Fund has already made significant progress, including the completion of public hearings and the preparation of an advanced draft of the Lagos State Wealth Fund Law. The law is expected to institutionalise long-term savings and strategic investments that will benefit future generations.

He explained that the initiative is aimed at ensuring Lagos residents inherit valuable assets rather than liabilities while also creating a financial safety buffer capable of protecting the state against future economic shocks.

Oluyomi stressed that the fund is not intended to create another layer of bureaucracy but to promote financial discipline, support infrastructure and technology investments tailored to Lagos’ needs, and strengthen governance standards.

“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,” he said.

The commissioner also unveiled details of the ₦1 trillion Produce for Lagos Fund, describing it as a major agricultural and food security programme designed to boost domestic food production and ensure stable food supply across the state.

He noted that the programme would focus on increasing agricultural productivity within Lagos while also building partnerships with states that have large areas of arable land to support large-scale farming and food supply into Lagos.

Under the domestic production plan, the state government intends to maximise the use of more than 30,000 hectares of agricultural land currently available within Lagos to achieve about 40 per cent food self-sufficiency.

Oluyomi further stated that the up-country component of the initiative would target intensive farming on at least 500,000 hectares of land through collaboration with other state governments and the Federal Government to strengthen food supply chains into Lagos.

The initiatives are expected to create new opportunities for farmers, agribusinesses, food processors, transporters, and other MSMEs operating across the agricultural value chain, while also helping to stabilise food prices and reduce supply disruptions in Nigeria’s commercial capital.