…Says sustainability should be above profitability to reduce economic hardship
Lagos State Governor, Mr. Babajide Sanwo-Olu, on Thursday urged agro and food processing companies to work toward reducing their prices during this time of economic hardship as a way of giving back to the society and ensuring food security in Nigeria.
He said Nigerians are currently going through tough times; therefore, private organisations, particularly agro and food processing companies, should think about people’s survival and sustainability above profitability at this crucial period in Nigeria.
Governor Sanwo-Olu spoke during a courtesy visit by the Senior Management Team of Olam Agric Nigeria, led by its Managing Director/CEO, Mr. Anil Nasir, at Lagos House, Marina, on Thursday.
Sanwo-Olu, who stressed the need for food security and support from every well-meaning individuals and organisations, said his administration has done a lot through several intervention programmes to cushion the effects of economic hardship on the residents of Lagos State, adding that he would do more to continue to provide succour for the people.
He said, “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.”
Speaking earlier, the Managing Director/CEO of Olam Agric Nigeria, Mr. Anil Nair, commended Governor Sanwo-Olu for his leadership in Lagos State in the last five years, especially in the areas of security and making the state safe for foreign and local investments.
He sought more partnerships with the Lagos State Government in the agriculture and food sectors, saying his company is ready to invest more in the state.
Governor Sanwo-Olu on Thursday also received the District Governor of Lions Club International District 404B2 Nigeria, Lion Tolulope Ayodeji Senbanjo, as well as the District Governor of Rotary International District 9112, Rotarian Olufemi Adenekan, and District Governor of Rotary International District 9111, Rotarian Oluwole Kukoyi, who paid him courtesy visits at Lagos House, Marina, respectively.
Speaking during the two courtesy visits, Governor Sanwo-Olu commended Lions Club International and Rotary International for their humanitarian services in key sectors of the State, particularly in the provision of infrastructure in the areas of health, education, and transportation, among others.
He said administration will continue to partner with Rotary International and Lions Club International for humanitarian services to make life comfortable for Lagos residents in line with the THEMES+ developmental agenda, which aligns with the core values of the humanitarian groups.
