The Chairman of Heirs Holdings, Tony Elumelu, has pledged a ₦25 billion investment in support of the Lagos State Government’s newly launched ₦500 billion Uptake Guarantee Fund.
The announcement was made during the official launch of the fund in Lagos, presided over by Governor Babajide Sanwo-Olu, who described the initiative as a proactive response to systemic vulnerabilities in Lagos’ food supply chain, exacerbated by the COVID-19 pandemic, climate change, and external trade disruptions.
“Our objective is to build a resilient, inclusive, and self-sustaining food system for the state,” Governor Sanwo-Olu stated. “This ₦500 billion fund will serve as a market guarantee mechanism that links producers to consumers and accelerates investment across the agricultural ecosystem.”
The Uptake Guarantee Fund forms the cornerstone of Lagos State’s broader food systems reform policy, initiated under the five-year Agricultural and Food Systems Roadmap and institutionalized with the rebranding of the state’s Ministry of Agriculture to the Ministry of Agriculture and Food Systems in 2024.
Speaking at the launch, Tony Elumelu commended the Lagos State Government for its vision and commitment to structural reform in the food economy.
He described the initiative as a model for job creation, sustainable development, and inclusive capital deployment.
“We at Heirs Holdings are committing ₦25 billion to support the Uptake Guarantee Fund. Agriculture remains the most viable sector to drive mass employment and industrialization if the right capital structure is deployed,” Elumelu said.
He emphasized the potential of the initiative to unlock latent economic value across rural communities, stabilize food prices, and de-risk investment for private sector participants.
Elumelu called on other institutional investors and development finance institutions to support the blueprint.
The fund is designed to provide credit assurance for producers, facilitate logistics and warehousing infrastructure, and enable predictable offtake by aggregators and distributors. It will also support innovation in food processing, cold chain systems, and rural-urban market integration.
Lagos State Commissioner for Agriculture and Food Systems, Ms. Abisola Olusanya, noted that the fund would enhance investor confidence while empowering smallholder farmers and agripreneurs to scale production without market-entry barriers.
“This fund ensures farmers produce with confidence, off-takers buy with certainty, and consumers access safe, affordable food. It also encourages financiers to invest sustainably across the value chain,” Olusanya said.
Minister of State for Finance, Dr. Doris Uzoka-Anite, lauded the programme as consistent with the objectives of President Bola Tinubu’s Renewed Hope Agenda, particularly its focus on food sufficiency and economic inclusion.
“The Lagos model is an innovative approach that integrates governance, finance, and food systems reform. It provides a replicable framework for other subnational governments,” she stated.
Also present at the event was Chief of Defence Staff, General Christopher Musa, who linked food security directly to national peace and security.
He urged state governments to explore ranch development as a viable solution to farmer-herder conflicts.
“A stable food supply contributes directly to security. Addressing food insecurity reduces crime and strengthens social cohesion,” Musa said.
The unveiling was attended by several state governors, cabinet members, investors, foreign dignitaries, and farmer cooperative leaders. Participants endorsed the fund as a timely intervention to reposition Lagos as a hub for urban food policy innovation and agricultural financing.
The Lagos State Government reaffirmed its commitment to transparent fund deployment and stakeholder engagement to ensure efficient implementation of the food security blueprint.
The ₦500 billion fund is expected to be executed in phases, with strong private sector participation and measurable development impact.