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Home News Lagos Agricultural Revenue Generates $2.8 billion, Targeting $6.7 billion in 2023
News - December 12, 2022

Lagos Agricultural Revenue Generates $2.8 billion, Targeting $6.7 billion in 2023

Despite the global food crises, according to Lagos State Commissioner for Agriculture Ms. Abisola Olusanya, the agricultural industry generated over N1.2 billion in revenue in 2022.

At the 2022 Lagos Food Festival on Sunday in Lagos, Olusanya also revealed that the ministry exceeded its one billion naira in revenue in 2021.

She claimed that even in the most difficult conditions that affected food production, revenue was still earned.

According to Olusanya, the agricultural sector generated just over a billion naira in 2021, but this year was harder because of the election and other factors.

Overall, there was a glut in the system, clearly a result of the difficulties associated with the conflict between Russia and Ukraine and a great deal of economic uncertainty. This had an impact on many of our local food growers and processors.

According to her, the economy has not generally been kind to anyone this year, but the ministry nonetheless did everything it could, and at least we hope to end the year with N1.2 billion.


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Agricultural revenue generating billions of dollars

She added that the agriculture ministry might generate billions of dollars if used effectively.

She asserted that the revenue should rise in the next years as a result of new initiatives, inventions, and ideas.

“For me, what Im really happy about in 2021 is doing N1 billion for the very first time in the existence of the ministry since 1967.

“It is not a fluke that this ministry is indeed a billion naira industry, it is actually a billion dollar industry.

”We repeated it even under most strenuous circumstances, meaning if everything is to be so good, we should be crossing over N5 billion in revenues annually.

“We are hoping in 2023, we should be crossing the threshold of N3 billion. But this year, we are sure of making N1.25 billion,” she added.

As citizens flocked to the park in droves to enjoy themselves, Gov. Babajide Sanwo-Olu prepared fish pepper soup among other African chefs at the 2022 food festival.

Sanwo-Olu, who was speaking to the crowd, declared that this year’s food festival was bigger and better than the previous ones.

The governor was joined by Chef Gbolabo Adebakin and Chef Tolani, a well-known Instagram user and culinary writer under the handle “Diaryofakitchenlover.”

“It is such an honour to be here this evening. I commend all our great food vendors that have come out to participate in the festival.

“Thank you all very much for being part of this year’s food festival and I am hoping that everybody will take something back home.

“This is our culture, this is our heritage, this is who we are, this is Lagos and we are indeed proud of our heritage.

“We are proud of what we are turning our dishes and our cuisines into,” he said.

The Jollof rice war culinary competition involving chefs from Ghana, Kenya, Togo, and Nigeria is the festival’s main attraction.

Chef Feyi of Nigeria competed against Ajiri of Ghana.


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