Amid the nationwide protest against hunger, which kicked off on Thursday, Lagos State Governor, Babajide Sanwo-Olu, has 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 society and ensuring food security in Nigeria......See Full Story>>.....See Full Story>>
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.
Sanwo-Olu spoke during a courtesy visit by the senior management team of Olam Agric Nigeria, led by its Managing Director, Anil Nasir, at Lagos House, Marina on Thursday.
Stressing the need for food security and support from every well-meaning individual and organisation, the governor said his administration has done a lot through several intervention programmes to cushion the effects of economic hardship on the residents of state.
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.”
Earlier in his speech, Nair sought more partnerships with the state government in the agriculture and food sectors, saying his company is ready to invest more in the state.