Rising inflation and sliding family income may have combined to force down Lagos food consumption bill from N4 billion in 2014 to N3 billion in 2016.
The Nigerian economy slipped into recession in August this year after two quarters of negative economic growth going by the figures from the National Bureau of Statistics (NBS), which showed GDP contracting 2.06 percent in the second quarter of 2016 and 0.36 percent in the first quarter.
Recent statistics from the NBS also put inflation rate at 17.8 percent by the third quarter and unemployment rate at over 12 percent, with negative impact on family income and purchasing power, forcing many families to skip meals and cut down their expense on foods.
Ben Akabueze, immediate past commissioner for economic planning and budget, at the seventh Lagos Economic Summit (Ehingbeti) in 2014, with the theme “powering the Lagos economy: Real opportunities, endless possibilities,” had put the daily spend on food in Lagos at N4 billion, adding, however, that only 10 percent of food purchased in the state was produced within.
The latest food consumption bill quoted by Governor Akinwunmi Ambode on Thursday, showed a significant drop from N4 billion to N3 billion.
Ambode, speaking at the maiden edition of the Lagos food security and exhibition summit, with the theme “Actualising sustainable food security in Lagos State: A new, comprehensive agenda,” said the N3 billion daily consumption provided a ready market and high returns on investment, urging investors to look in the direction of the state.
According to Ambode, there is no need resorting to importation to feed the citizens, as alternative to achieving food security was to till the land and embrace best practices that will improve efficiency in the agricultural value chain.
“Our core policy thrust towards achieving food security is to maximise the comparative advantage of the state in agriculture and establish partnerships with other states of the Federation with comparative advantage in specific areas,” Ambode said.
Listing some areas of collaboration already activated, the governor said his administration had entered into a partnership with Kebbi State for the development of agricultural commodities such as rice, wheat, groundnut, onion, maize and beef value chain.
“We have also acquired agricultural land in other neighbouring states of Ogun and Oyo as well as Abuja. Specifically, 500 hectares of farmland have been acquired for rice cultivation in Eggua, Ogun State, 84.7 hectares at Okinni in Oshogbo for oil palm processing, among others,” the governor said.
Sani Dangote, chairman of the summit, commended Lagos for showing commitment towards addressing the challenge of food security, especially with its huge population. He said despite the shortage of arable land, Lagos could leverage on its comparative advantages to not only guarantee food security for its citizens, but also feed neighbouring southwest states.
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