By Abdullahi Lukman
The Lagos State Government has unveiled plans to establish a Lagos Wealth Fund and launch a ₦1 trillion “Produce for Lagos” initiative aimed at strengthening economic stability, boosting food security and ensuring long-term financial sustainability for the state.
Commissioner for Finance, Abayomi Oluyomi, disclosed the plans on Friday during the Ministerial Press Briefing held in Alausa, Ikeja.
Oluyomi said significant progress had been made on the proposed Lagos Wealth Fund, including public hearings and the preparation of an advanced draft of the Lagos State Wealth Fund Law to institutionalise savings and strategic investments for future generations.
According to him, the fund is expected to serve as a financial buffer against economic shocks while supporting infrastructure and technology investments tailored to Lagos’ development priorities.
“This is not about creating another bureaucracy. It is about institutionalising savings discipline so future generations inherit assets, not liabilities,” the commissioner said.
He added that the initiative would also promote governance standards comparable to those of the Nigeria Sovereign Investment Authority (NSIA).
Oluyomi further revealed details of the ₦1 trillion Produce for Lagos Fund, describing it as a major agricultural and food security programme designed to improve domestic food production and ensure stable food supply for residents.
Under the initiative, the state plans to maximise more than 30,000 hectares of agricultural land within Lagos to achieve 40 per cent food self-sufficiency.
He explained that the programme would also involve partnerships with other states and the Federal Government to support intensive farming on at least 500,000 hectares of land outside Lagos in order to strengthen food supply chains into the state.
The commissioner noted that both initiatives form part of the state government’s broader strategy to build a sustainable and globally competitive economy capable of driving long-term growth and infrastructure development.
