Mr Sanwo-Olu presented more than N3.1 billion in compensation to over 300 property owners affected by government land acquisition.
The loans will be provided under the Lagos State Access to Finance for SMEs through Cooperatives (LASMECO) programme.
He said conventional dumpsites were no longer sustainable because of Lagos’ coastal terrain, limited land availability and growing urban population.
“If we sold vegetables at lower prices before, they will now become more expensive because farmers must recover their losses,” she said.
A corn trader, Justina Odion, blamed the high retail price on increased wholesale costs.
She said the government was assessing critical drainage channels and other vulnerable locations to strengthen ongoing flood control measures.
Mr Yahaya said items recovered during the operation included four drums, two of which contained suspected illegally refined petroleum products.
Mr Adedayo said the initiative was designed to create sustainable livelihoods, enhance food security and improve residents’ economic well-being.
Ms Adebayo said that the situation had discouraged customers from patronising them.
Mr Sanwo-Olu described the fund as a landmark intervention.
