In a bid to strengthen food security and improve the livelihoods of rural communities, the Lagos State Agricultural Development Authority (LSADA) has wrapped up a three-day Financial Literacy Training for over 200 smallholder farmers and fisher folks across the Epe, Ikorodu and Badagry agricultural zones.
EpeInsights gathered that the initiative, organised in partnership with LAPO Microfinance Bank and Unitrust Insurance, sought to address a long-standing gap: the limited access many rural farmers have to practical financial education that can help sustain their agribusinesses.
Over the course of the training, participants engaged in interactive sessions on Personal and Farm Financial Management covering budgeting, income planning, debt control, record-keeping and profit analysis.
They also learned the value of cultivating a savings culture and the importance of Agricultural Insurance and Risk Management in safeguarding their farms against unexpected challenges such as climate shocks, market fluctuations, and pest outbreaks.
Head of Component, Rural Institution Development at LSADA, Mr. Serriki Musa Abayomi, explained that the programme was deliberately decentralised across the three agricultural zones to ensure inclusiveness.
“The purpose is to ensure that our farmers can make informed decisions about financial services that directly impact their livelihoods. We believe this knowledge will not only strengthen their businesses but also improve food security in the state by ensuring more financially stable and productive agricultural enterprises,” he said.
Representatives of LAPO Microfinance Bank and Unitrust Insurance also walked participants through the “5 Cs” of agricultural lending—Character, Capacity, Condition, Capital and Collateral, while highlighting financial products and insurance packages tailored to the realities of smallholder farmers.
For many of the beneficiaries, the training offered a lifeline. Rural farmers and fisher folks often struggle with access to credit facilities, financial planning tools and risk mitigation mechanisms.
By bridging this knowledge gap, LSADA’s intervention is expected to translate into stronger agribusinesses, improved household incomes, and more resilient food systems for Lagos.
The initiative, Abayomi added, aligns with Governor Babajide Sanwo-Olu’s THEMES Plus Agenda, particularly its focus on agricultural transformation, rural development, and inclusive economic growth.
At a time when global challenges like climate change and food insecurity continue to put pressure on food systems, this financial literacy push represents a forward-looking step, empowering grassroots farmers not just to survive, but to thrive in Lagos’ competitive agricultural economy.
