In a bold move to strengthen grassroots food production and improve financial resilience, the Lagos State Agricultural Development Authority (LSADA) has successfully concluded a three-day intensive Financial Literacy Training for more than 200 smallholder farmers and fisher folks across the Epe, Ikorodu, and Badagry agricultural zones.
The training, held in collaboration with LAPO Microfinance Bank and Unitrust Insurance, was designed to equip participants with vital financial management skills to help them run their farms and fishing enterprises like sustainable businesses.
Building Farmers’ Financial Strength
Over the course of the program, participants received training in:
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Personal and Farm Financial Management – covering budgeting, income planning, debt control, record-keeping, and profit analysis.
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Savings Culture – highlighting the importance of consistent savings to cushion against lean seasons.
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Agricultural Insurance & Risk Management – helping farmers protect their livelihoods against climate-related losses, floods, and unforeseen shocks.
The sessions were decentralised across three major agricultural hubs of Lagos—Epe, Ikorodu, and Badagry—ensuring inclusiveness and accessibility for rural farmers who often face barriers to attending centrally located training programs.
“We Want Financially Strong Farmers” – LSADA
Speaking at the closing ceremony, Mr. Serriki Musa Abayomi, Head of Component, Rural Institution Development at LSADA, stressed the agency’s determination to build financially literate farmers:
“The purpose is to ensure that our farmers can make informed decisions about financial services that directly impact their livelihoods. This knowledge will not only strengthen their businesses but also improve food security in Lagos by ensuring more financially stable and productive agricultural enterprises.”
He noted that the program is part of the Lagos State Government’s broader commitment to agricultural transformation and rural development, in line with Governor Babajide Sanwo-Olu’s THEMES Plus Agenda.
Private Sector Partnerships
Representatives from LAPO Microfinance Bank and Unitrust Insurance further broke down the “5 Cs” of Agricultural Lending—Character, Capacity, Condition, Capital, and Collateral—while providing insights on how tailored financial products and insurance schemes can act as safety nets for farmers facing unpredictable risks such as flooding, crop failure, or declining market prices.
Why This Matters: Food Security & Rural Poverty
Nigeria’s agricultural sector remains the largest employer of labour, yet smallholder farmers—who produce over 80% of the nation’s food—still lack access to finance, insurance, and structured business training. Many operate at subsistence levels, leaving them vulnerable to market shocks and climate disruptions.
By empowering local farmers and fisher folks with financial literacy and risk management tools, the Lagos State Government is sending a strong signal that agriculture must be treated as business, not mere survival.
As food inflation bites hard across Nigeria, and climate change threatens rural livelihoods, initiatives like LSADA’s training may prove pivotal in strengthening the state’s agricultural resilience, reducing rural poverty, and securing a more stable food supply for Lagos’ ever-growing population.
📌 Stone Reporters News Editorial Desk
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