August 8, 2024.
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First City Monument Bank (FCMB) and the Dutch Entrepreneurial Development Bank (FMO) are partnering to ignite innovation in Nigeria’s agricultural sector through an Agritech Hackathon and Venture Building programme. The initiative, delivered by Heave Ventures, invites startups, entrepreneurs, and innovators to develop solutions for challenges like credit access, infrastructure, and food security.
The programme includes a 48-hour hackathon, a 4-week venture-building residency, and a stakeholder conference. Winners will receive up to ₦23 million in prizes and further exposure to growth opportunities.
Commenting on the programme, FCMB’s Divisional Head, Agribusiness & Non-Oil Exports, Mr Kudzai Gumunyu, said: ‘’This initiative aims to address the perennial pain points in Nigeria and Africa’s agribusiness ecosystems, transforming them into monetised opportunities for innovators.
We are indeed excited to partner with FMO and Heave Ventures to organise the Agritech Hackathon and Venture Building programme. It is an opportunity for innovators to conceptualise and develop solutions that will bridge some of the identified gaps in the agribusiness ecosystem to herald a new era of efficient agricultural practices for all stakeholders. We will continue to champion initiatives that foster inclusive and sustainable growth within communities by building a supportive ecosystem rooted in Africa, connecting people, capital, and markets”.
Martine Sanders, Technical Assistance Manager at FMO, added:
FMO is thrilled to partner with FCMB on this Agritech Hackathon and Venture Building programme. By empowering early-stage companies through business development services and funding, we aim to foster innovative ideas that address key challenges in the agriculture space, a strategic sector in Nigeria. This initiative is vital for unlocking finance for MSMEs, promoting sustainable growth, and strengthening the ecosystem.
This perfectly aligns with the objectives of NASIRA, the portfolio guarantee and technical assistance programme under which FMO and FCMB have partnered, which is funded by the European Commission. Together with FCMB, we look forward to jointly supporting sustainable development in Nigeria and creating a lasting impact across Nigeria’s agribusiness landscape.
Nigeria’s agricultural sector contributes 21.09% to the nation’s Gross Domestic Product and employs around 70% of the population. Despite its critical importance, the sector faces numerous challenges, such as limited access to land, over-reliance on rain-fed irrigation, inadequate storage facilities, poor market access, and low adoption of modern agricultural technologies. These have resulted in low yields and post-harvest losses, hindering the sector from reaching its full potential. (www.naija247news.com).
