Blockchain platform to boost Lagos agric sector

Blockchain infrastructure platform, Gluwa, has said expressed readiness to transform the Lagos State agricultural sector through the digitisation of agricultural assets.

According to a statement, the Executive Officer of the company, Tae Oh, said the project would entail partnering with the Lagos State ministries of agriculture, finance, science and technology as well as the lands bureau on the integration  of physical farmlands into non-fungible tokens, to provide access to digital asset backed loans for all Lagos State farmers.

It stated that the five-year Lagos State agricultural and food systems road map, where the sector is projected to generate upwards of $10bn by the year 2025, would be of immense value for agricultural assets to be identified, recorded, and traded using innovative blockchain technology.

It added the administration of Lagos State Governor, Babajide Sanwo-Olu aimed to make Lagos State fully self-sufficient in the areas of wealth generation, value creation, food security and industrialisation of the agricultural sector.

The statement said this was made known at the launch of the Agricultural and Food Systems road map in the company of the Commissioner for Agriculture, Abisola Olusanya.

The statement added that the governor said the state had already started the revamping of its Agricultural Land Holding Authority to support investment in agriculture, giving assurance that the coconut belt would also be strengthened with increased private sector involvement.

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