In a decisive and forward-thinking effort to bolster agricultural development, address the escalating challenges of food insecurity, price volatility, and sustainable food production in Lagos State, the Honorable Commissioner for Agriculture, Ms. Abisola Olusanya, paid a landmark visit to Assetrise Limited’s Eko Yams Project in Epe on August 16th, 2024. This visit exemplifies the state’s unwavering commitment to fostering innovative agricultural projects that are poised to meet the immediate and long-term food needs of its burgeoning population, while simultaneously advancing the goal of moving Lagos toward self-sufficiency in food production.
Understanding the Food Security Landscape in Lagos State
Lagos, with a bustling population nearing 20 million people, over 4.5 million households, consumes an astounding 300 million tubers of yam annually. According to the National Bureau of Statistics (NBS), Nigeria faces a food deficit of approximately 20 million metric tons annually, with Lagos being one of the most affected due to its dense population and limited arable land.
Yams, a staple deeply embedded in Nigerian cuisine, have recently seen a staggering price increase of over 60%. This surge is driven by a widening supply-demand gap. The Food and Agriculture Organization (FAO) reports that while Nigeria produces around 50 million tons of yams annually, it struggles to meet both domestic and export demands due to inefficiencies in the supply chain and inadequate infrastructure. Urbanization in Lagos has further compounded the issue by reducing available agricultural land, leading to higher food costs and increased post-harvest losses. This situation underscores the need for innovative solutions to stabilize food prices and ensure a steady supply.
In response, the Eko Yams Project, a pivotal initiative within Assetrise Limited’s agro-real estate model, emerges as not merely timely but essential at this juncture. This project is designed to significantly amplify indigenous yam production, stabilize prices, and contribute to the state’s overarching food sufficiency strategy. By enhancing local production capacity, the Eko Yams Project aims to address both supply and economic challenges, playing a vital role in improving food security in Lagos.
Eko Yams Project: A Response to Food Insecurity
The significance of the Eko Yams Project becomes even more pronounced when considering Lagos State’s broader agricultural ambitions. Under the leadership of Governor Babajide Sanwo-Olu and the proactive efforts of the Commissioner for Agriculture, Ms. Abisola Olusanya, Lagos State has set an ambitious goal to increase its food production capacity from the current 24% to 50% by 2025. This initiative is part of a larger strategic plan to reduce the state’s dependence on food imports, which currently stands at a staggering 80%. Through a combination of innovative projects, Lagos aims to fortify its local food systems and build resilience against global supply chain disruptions.
The Eko Yams Project by Assetrise Limited emerges as a timely and strategic intervention aimed at bridging the supply-demand gap in yam production. The project has successfully completed its initial phases, Eko Yams 1.0 and 2.0, yielding over 1 million tubers. The upcoming Eko Yams 3.0 phase aims to cultivate over 5 million tubers, significantly contributing to the state’s food supply.
The Visit of Commissioner Abisola Olusanya
Ms. Abisola Olusanya was appointed as the Lagos State Commissioner for Agriculture in 2020, bringing with her a wealth of experience in agribusiness and supply chain management. She has been instrumental in implementing policies and initiatives that promote sustainable agriculture, youth empowerment, and food security.
Under her leadership, the Ministry of Agriculture has launched several impactful projects, including:
- Lagos Agripreneurship Programme (LAP): Aimed at empowering over 15,000 youths and women through training and support in various agricultural value chains.
- The Lagos Food Production Centre: Established to increase local food production and reduce dependency on imports.
- Collaboration with the World Bank‘s Agro-Processing, Productivity Enhancement, and Livelihood Improvement Support (APPEALS) Project: Enhancing the productivity of small and medium-scale farmers through access to finance, technology, and markets.
These programs have played a significant role in promoting urban farming, improving food security, and creating employment opportunities for the youth and women. Her commitment to sustainable agriculture and food security has earned her recognition as one of the most influential figures in Nigeria’s agricultural sector. Commissioner Olusanya’s approach emphasizes public-private partnerships, recognizing the critical role of the private sector in driving innovation and investment in agriculture.
During her visit, Commissioner Olusanya toured the expansive Eko Yams Site and expressed her admiration for the project’s impact and scalability. She stated:
“The Eko Yams Project is a testament to the innovative spirit of Lagosians and the commitment of private sector partners like Assetrise Limited to the growth of our state’s agricultural sector. It is not only a response to our current food needs but also a crucial step toward our long-term vision of a food-secure Lagos State.”
Highlighting the imperative of modernizing agricultural practices, Commissioner Olusanya strongly encouraged the adoption of full-scale mechanization to enhance both the quality and quantity of yam production.
“Mechanization is key to scaling up production and ensuring that the quality of our yams meets both local and international standards. This will not only satisfy local demand but also open up export opportunities, contributing to economic growth,” she remarked.
As part of her broader mission to combat food insecurity and foster sustainable agricultural practices, Commissioner Olusanya has been actively engaging with key stakeholders across the agricultural spectrum, offering support and guidance on best practices that align with the state’s food security objectives. She also highlighted the Lagos Food Hub project and other state-implemented measures aimed at improving food access and affordability.
Her visit to the Eko Yams Project is emblematic of her resolve to encourage and endorse agro-projects that can propel Lagos toward achieving food self-sufficiency. Moreover, she remains resolute in her commitment to driving youth and women empowerment and eradicating poverty through agriculture by supporting organizations like Assetrise Limited and other youth-driven initiatives within the state.
Assetrise Limited: Championing Sustainable Agro-Real Estate
Mr. Oluwadurotimi Ojamamoye, the Group Managing Director of Assetrise Limited, accompanied Commissioner Olusanya during the tour, showcasing the company’s dedication to sustainable agriculture and innovative agro-real estate models.
“At Assetrise Limited, we believe in creating lasting impacts through projects that are not only profitable but also sustainable. The Eko Yams Project is not just about cultivating yams; it’s about creating a sustainable agricultural model that can be replicated across the country. This project is just one example of how we are working towards securing the future of food in Nigeria,” he said.
Mr. Ojamamoye also expressed his gratitude to the Lagos State Government for their support and partnership. “We are honored to have the backing of the Lagos State Government and are excited about the possibilities that lie ahead as we continue to expand our agricultural initiatives,” Mr. Ojamamoye added.
He further highlighted the company’s holistic approach to agro-real estate, showcasing other transformative projects under Assetrise Limited’s portfolio such as PalmRich Estate and the Smart Agropreneurship Project (SAP).
An avant-garde venture that seamlessly integrates the stability of real estate ownership with the profitability of agriculture, specifically through oil palm tree cultivation. Spanning over 4,000 hectares across strategic locations in Nigeria including Ibadan (Oyo State), Ado Odo Ota (Ogun State), and Epe (Lagos State), PalmRich Estate presents a unique opportunity that not only offers asset appreciation but also generates consistent passive income, through the production of palm oil and its derivatives. Considering that Nigeria is one of the largest consumers of palm oil, this project taps into a lucrative and ever-growing market.
Smart Agropreneurship Project (SAP)
The Smart Agropreneurship Project focuses on empowering young Nigerians, nurturing the next generation of agropreneurs with the skills, resources, and support needed to succeed in the agro-business sector. This initiative is a critical component of Assetrise’s commitment to addressing food security and contributing to the socio-economic development of the country.
Looking Ahead: A Sustainable Future for Lagos State
The collaboration between the Lagos State Government and Assetrise Limited exemplifies the synergy needed between the public and private sectors to address complex challenges like food insecurity. Commissioner Olusanya commended Assetrise Limited for their contributions and reiterated the government’s readiness to support similar initiatives.
“We are committed to fostering an enabling environment for private investors and innovators in the agricultural sector. Together, we can transform Lagos State into a hub of agricultural excellence and food security,” she affirmed.
The Commissioner’s visit to the Eko Yams site marks a significant milestone in the collaboration between the Lagos State Government and the private sector in driving agricultural growth and sustainability. It also reaffirms the pivotal role Assetrise Limited plays in the agro-real estate sector.
As Lagos State continues to implement diverse and forward-thinking measures to enhance food production, projects like the Eko Yams Initiative are set to be at the forefront of efforts to combat food insecurity, stabilize food prices, and stimulate economic growth in Lagos State and beyond.
