Economy
Sanwo-Olu Foresees Lagos as Largest Food Logistics Hub in West Africa
By Adedapo Adesanya
The Lagos State Governor, Mr Babajide Sanwo-Olu, has disclosed that the first phase of the largest food logistics hub in West Africa will be inaugurated in the state by 2024 to boost food security.
Mr Sanwo-Olu said this while addressing journalists at the grand finale of the 2023 World Food Day celebration at the Nigeria Police College, Ikeja, Lagos, on Monday. The programme tagged Farm Fair, Shop, Eat and Learn was to commemorate the 2023 World Food Day with the theme Water is Life, Water is Food, Leave No One Behind.
World Food Day is an annual celebration by the Food and Agriculture Organisation of the United Nations on October 16, to encourage action on food insecurity.
“Apart from the middle-level markets that we are building, we are building the largest food logistics hub in the whole of West Africa.
“You were part of the ground-breaking ceremony which we did last year and I want to inform you that before middle-level next year, we should have finished phase one of the project.
“It is the largest logistics hub in the whole of West Africa, you can take a trip there independently and see for yourself, the amount of work that is going on there.
“That logistics food market is supposed to be the central hub where all sorts of food in Lagos will come in, it has cold storage and dry storage and all sorts.
“Our plan, if you remember that two years ago, we flagged with our five-year plan, it will now take them to the middle-level market; we have built about three of them and we are building an additional five.
“The middle-level markets will now take it from main hubs before it now goes to the last mile, the corner show markets and the markets that all of you see in the state,” he said.
The governor said the state had a robust integrated plan that would ensure food sufficiency and food adequacy in Lagos.
He noted that the plan became important because food security globally was becoming an issue.
“We have a robust integrated plan to ensure that food sufficiency, and food adequacy in Lagos are secured because food security globally is becoming an issue.
“For us as a government, we need to be able to help the market, we need to be able to help the farmers and to help our citizens.”
“We will continue to bring about infrastructure and funding to ensure that the theme for this year leaves no one behind,” he said.
The governor encouraged more people to go into rice cultivation to sustain the state’s rice mill in Imota, Ikorodu.
“We are looking for paddy rice growers in Lagos because we have the biggest rice mill and we are also collaborating with other states.
“Our rice mill still needs a lot of paddy. It does not matter the quantity of tonnes of paddy that they grow, we will buy it from them.
“The same thing with other paddy growers in the country and we need to begin to ensure that food is also affordable and accessible.
“We know that the price of food has gone up but with intervention like this, that brings the market closer to the consumers, am sure that all of the produce that has been brought here today will be picked up and bought up,” he said.
Mr Sanwo-Olu said his administration was committed to encouraging farmers while assuring that farming was important to his administration to ensure that food was affordable and accessible for all.
“I am here this afternoon to give them all the encouragement, to show to the world that Lagos can begin to show the way for urban farming.
“We do not have a lot of land but the little one that we have, we are encouraging our farmers to continue to support the needs of the citizens because we know that we need to grow what we eat and eat what we grow.
“We can collaborate with other neighbouring states and other parts of the country to bring all of these produce to Lagos because the population is here.
“For me, it is to continue to encourage the Ministry of Agric and all of their officers, extension workers and project managers to continue to help and hold these farmers, especially in the aquaculture farming, piggery, fishing, poultry and all of the other areas in which we can excel.”
By Modupe Gbadeyanka
The federal government has been urged to give all the necessary support to indigenous investors, as they remain Nigeria’s most important drivers of employment, foreign exchange generation and long-term economic resilience.
This advice was given by foremost businessman, Mr Aliko Dangote, when he welcomed the Minister of State for Industry, Mr John Owan Enoh, to the Dangote Petroleum Refinery and Petrochemicals in Lagos recently.
The business mogul noted that efforts must be made to place industrialisation at the centre of the government’s economic strategy, insisting that no nation has attained prosperity without a strong manufacturing base.
“If Nigeria is to achieve sustainable growth and become a trillion-dollar economy, industrialisation must be the foundation. Indigenous investors remain the strongest catalysts for that transformation,” Mr Dangote stated.
He further stated that, “There is no way to create jobs and prosperity without industrialisation,” declaring that, “The greatest attraction for foreign investors is the success of domestic investors. When local investors thrive, they send a powerful signal that the environment is conducive for investment.”
In his remarks, the Minister promised deeper collaboration with the private sector to accelerate industrialisation, job creation and economic transformation.
He also pledged that the Ministry and its agencies would remain strong advocates of the refinery and the broader industrialisation agenda, adding that the government would continue to engage Dangote Industries Limited through the Industrial Revolution Work Group and ministerial roundtables to address challenges facing manufacturers, particularly access to affordable long-term financing.
Mr Enoh described the integrated industrial complex as one of the most significant investments in Africa and a model for the type of industrial development required to drive Nigeria’s economic growth aspirations.
“This facility matters because of what it represents for Nigerian industry, for our people and for the realisation of President Bola Tinubu’s vision of a one trillion-dollar economy,” he stated, noting that the refinery has emerged as a powerful symbol of value addition, industrial competitiveness and Nigeria’s growing manufacturing capability.
The Minister noted that the refinery has fundamentally changed global perceptions of Nigeria by helping to transform the country from a major importer of refined petroleum products into an exporter serving international markets.
“When global supply disruptions occurred, Nigeria was able to export petroleum products to markets in the Middle East and beyond. That is an extraordinary achievement and one that deserves recognition,” he added.
By Bon Peters
The Port Harcourt Area I Command of the Nigeria Customs Service (NCS) on Wednesday, July 29, 2026, handed over a consignment of intercepted expired medicaments to the National Agency for Food and Drug Administration and Control (NAFDAC) in Rivers State.
The command’s spokesperson, Barilule Aanee, an Assistant Superintendent of Customs I, said in a statement that the transfer of the items underscored the strong inter-agency collaboration in safeguarding public health.
The handover was witnessed by representatives of the National Drug Law Enforcement Agency (NDLEA), the Department of State Services (DSS), other security agencies, freight forwarding associations, stakeholders and members of the media.
The Customs Area Controller for the command, Comptroller Salamatu Atuluku, stated that the seizure was a clear demonstration of the agency’s commitment to preventing harmful and prohibited pharmaceutical products from finding their way into Nigerian markets, disclosing that the expired medicaments were intercepted during a joint examination conducted by officers of the command in collaboration with NAFDAC and other relevant agencies.
She added that the consignment contained several cartons of expired pharmaceutical products with a Combined Insurance and Freight (CIF) value of over N50 million.
Ms Atuluku emphasised that the interception prevented what could have resulted in serious public health consequences, as expired medicines posed significant health risks, including treatment failure, drug toxicity and antimicrobial resistance.
She reaffirmed that her organisation “would remain resolute in protecting the nation’s borders against the importation of expired, substandard, falsified and prohibited goods.”
Receiving the items, the Deputy Director of NAFDAC for Port Inspection Directorate, Mr Adepoju Bayo Raufu, commended the customs for its vigilance and sustained partnership in protecting Nigerians from harmful pharmaceutical products.
He assured that the agency would immediately commence the necessary regulatory procedures to ensure the safe disposal of the expired medicaments in accordance with established laws and guidelines.
By Adedapo Adesanya
United Capital Plc has unveiled an ambitious roadmap to surpass N2 trillion in total assets by the end of 2026, following a strong first-half performance that saw gross earnings rise by 58 per cent to N37.9 billion and profit before tax increase by 80 per cent.
The company disclosed this during its H1 investor relations call on Wednesday, where executives outlined plans to drive growth through digital transformation, Pan-African expansion, and disciplined capital management.
Speaking during the call, Group Managing Director of United Capital Plc, Mr Peter Ashade, said the company is undergoing a major “retooling” process to position itself for long-term growth beyond Nigeria.
“We are equipping from people, technology, governance, and our structure as we retool because what we see ahead is bigger than where we are today,” Mr Ashade said.
He noted that the firm’s long-term vision is to build a platform that allows clients to trade seamlessly across its African footprint, including Nigeria, Côte d’Ivoire, Ethiopia, Rwanda, Senegal and Burkina Faso.
Mr Ashade added that the company has deliberately reduced its borrowing in favour of expanding its managed funds business, which it considers its biggest growth opportunity.
“We have decided deliberately to reduce our borrowing so that we can focus on growing managed funds to about 71 per cent of our funding size, which is where we see the greatest opportunities for the group,” he said.
He disclosed that managed funds have recorded significant growth, while total assets have already exceeded the N1 trillion mark.
“Our target for this year is to do over N2 trillion in terms of total assets,” he added.
Providing a breakdown of the financial performance, Group Chief Financial Officer, Mr Shedrack Onakpoma, said profit before tax rose to N24.78 billion, significantly outpacing revenue growth as a result of improved operational efficiency.
“We are building a resilient and thriving institution of great repute that focuses on sustainable value creation and delivery across multiple markets,” Mr Onakpoma said.
“The numbers tell a story of innovation and how we are building a lasting legacy that goes beyond mere revenue growth or short-term profitability.”
Addressing shareholders’ concerns over the company’s 30 kobo interim dividend, the firm’s Chief Economist, Ayodele Akunwunmi, said the decision reflects a long-term capital allocation strategy anchored on the residual dividend theory.
“Residual dividend theory says that a company must finance all profitable investments available from internally generated cash flows before paying the residual to shareholders,” Mr Akunwunmi explained.
“By financing our expansion this way rather than borrowing money that would dilute earnings, we have the opportunity to grow the bottom line and potentially double profitability in the future.”
He urged shareholders to focus on the company’s broader value creation strategy, arguing that prioritising investment today would generate stronger returns over the long term.
