Lagos State Governor, Mr. Babajide Sanwo-Olu, has called on agro and food processing companies to consider lowering their prices during the current economic hardships. He emphasized that this gesture would be a way for these companies to give back to society and contribute to food security in Nigeria.
Sanwo-Olu made this appeal on Thursday during a courtesy visit from the Senior Management Team of Olam Agric Nigeria, led by its Managing Director/CEO, Mr. Anil Nasir, at the Lagos House, Marina. He pointed out that Nigerians are facing challenging times and urged private organizations to prioritize people’s survival and sustainability over profitability during this crucial period.
Governor Sanwo-Olu highlighted the importance of food security and the role of supportive individuals and organizations. He noted that his administration had implemented several intervention programs to alleviate the economic challenges faced by residents of Lagos State and assured that efforts would continue to provide relief.
Mr. Nair, the Managing Director/CEO of Olam Agric Nigeria, commended Sanwo-Olu for his leadership, particularly in enhancing security and making Lagos a safe destination for both foreign and local investments. He expressed a desire for increased collaboration with the Lagos State Government in the agriculture and food sectors, indicating Olam Agric Nigeria’s readiness to invest more in the state.
On the same day, Governor Sanwo-Olu also welcomed the District Governor of Lions Club International District 404B2 Nigeria, Lion Tolulope Ayodeji Senbanjo, along with the District Governors of Rotary International Districts 9112 and 9111, Rotarians Olufemi Adenekan and Oluwole Kukoyi, respectively. These visits underscored the continued collaboration between the state government and these humanitarian organizations.
“Agro and food processing is a critical industry because food security and food systems are as critical as people trying to safeguard either medical security or even sovereign security in times of war. There is no better security these days than food.
“Today, being the first day of August, you can see agitation in some streets in Nigeria as a result of hunger. You (Olam Agric) are in a strategic position, and you have that structure and that capacity. At a difficult time like this, it shouldn’t be only the government reducing costs and providing avenues for people to buy things at a reduced price.
“You must be able to tell your shareholders that you have been in this environment for such a long time, and today it should not be about profit-making. Let us go into this market and just cover our costs and let us pass on. Let the people feel the critical support.
“I want you to take this message back. The private sector needs to know that there are times when it does not have to be about value to the shareholders because of food security and the logistics nightmare that is happening everywhere due to the economic challenge. We are all joint stakeholders, and we need to slow down on shareholder returns. We need to be alive today to be able to make a profit tomorrow,” Governor Sanwo-Olu stated.
