February 28, 2024

Sanwo-Olu launches Five Billion Series 1 of 30 Billion Eko Rice Contracts Programme

 

 

By: Ogunleye Oluwapelumi

 

Governor Babajide Sanwo-Olu has launched the Five Billion Series 1 of the 30 Billion Eko Rice Contracts Programme on the Lagos Commodities and Futures Exchange. This public-private partnership is aimed at revolutionizing agriculture and food security in Lagos State.

Sanwo-Olu launches Five Billion Series 1 of 30 Billion Eko Rice Contracts Programme
Sanwo-Olu launches Five Billion Series 1 of 30 Billion Eko Rice Contracts Programme

The programme guarantees the availability of affordable rice, ensuring food security for over 80% of Lagos families while empowering local farmers and driving economic growth.

 

Through the Rice Value Chain, the government has scaled up local paddy production by 63.5%, creating over 2,620 jobs and improving livelihoods in rice-producing communities.

Sanwo-Olu launches Five Billion Series 1 of 30 Billion Eko Rice Contracts Programme
Sanwo-Olu launches Five Billion Series 1 of 30 Billion Eko Rice Contracts Programme

The agreement with Lagos Commodities and Futures Exchange will ensure a sustainable supply of paddy to the rice mill, with 15,000 metric tonnes of paddy milled and sold to the public through subscribers every three months. This collaboration strengthens the rice value chain.

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