First Metropolis Monument {Bank} (FCMB) and the Dutch Entrepreneurial Growth {Bank} (FMO) are becoming a member of forces to ignite innovation in Nigeria’s agricultural sector by way of an Agritech Hackathon and Enterprise Constructing programme.
The initiative, delivered by Heave Ventures, invitations startups, entrepreneurs, and innovators to develop options for challenges like credit score entry, infrastructure, and meals safety.
The programme features a 48-hour hackathon, a 4-month venture-building residency, and a stakeholder convention.
Winners will obtain as much as ₦23 million in prizes and additional publicity to development alternatives. Purposes for the programme are actually open at on.fcmb.com/AgricTech-Hackathon, and can run from August 5 to September 5.
Commenting on the programme, FCMB’s Divisional Head, Agribusiness & Non-oil Exports, Mr Kudzai Gumunyu, mentioned:
“We’re excited to accomplice with FMO and Heave Ventures to organise the Agritech hackathon and venture-building programme. This is a chance for innovators to conceptualise and develop options that may bridge a few of the recognized gaps within the native agribusiness ecosystem to herald a brand new period of environment friendly agricultural practices for all stakeholders and society. We’ll proceed to champion initiatives that foster inclusive and sustainable development inside communities by constructing a supportive ecosystem rooted in Africa, connecting individuals, capital, and markets”.
The agritech hackathon and enterprise constructing programme will finish with demo days the place winners shall be rewarded with money grants and different advantages.
Martine Sanders, Technical Help Supervisor at FMO, added: “FMO is thrilled to accomplice with FCMB on this Agritech Hackathon and Enterprise Constructing program. By empowering early-stage corporations by way of enterprise improvement providers and funding, we purpose to foster modern concepts that handle key challenges within the agriculture area, a strategic sector in Nigeria. This initiative is important for unlocking finance for MSMEs, selling sustainable development, and strengthening the ecosystem. This completely aligns with the aims of NASIRA, the portfolio assure and technical help program beneath which FMO and FCMB have partnered, which is funded by the European Fee. Along with FCMB, we stay up for collectively supporting sustainable improvement in Nigeria and creating a long-lasting influence throughout Nigeria’s agribusiness panorama.”
As well as, the programme will characteristic a convention that may carry collectively stakeholders within the agribusiness sector to debate present and rising challenges to create options that drive productiveness within the agribusiness worth chain. The convention could have keynote shows, panel discussions, workshops, and masterclasses.
Nigeria’s agricultural sector contributes 21.09% to the nation’s Gross Home Product and employs round 70% of the inhabitants. Regardless of its vital significance, the sector faces quite a few challenges, similar to restricted entry to land, over-reliance on rain-fed irrigation, insufficient storage services, poor market entry, and low adoption of recent agricultural applied sciences. These have resulted in low yields and post-harvest losses, hindering the sector from reaching its full potential.
FCMB and FMO not too long ago signed a $25 million NASIRA assure Bargain to checkmate these challenges. Funded by the European Fee, the assure will allow FCMB to increase its funding to agricultural, youth, and women-owned SMEs with out requiring collateral, concentrating on a consumer group sometimes deemed too dangerous by banks. The FCMB and FMO organised a Hackathon, which is likely one of the advantages of the partnership between each establishments.