Through an Agritech Hackathon and Venture Building program, First City Monument Bank (FCMB) and the Dutch Entrepreneurial Development Bank (FMO) are collaborating to spark innovation in Nigeria’s agricultural industry.
Heave Ventures is leading the project, which calls on innovators, startups, and business owners to create solutions for problems like infrastructure, food security, and credit availability.
A 48-hour hackathon, a 4-month venture-building residency, and a stakeholder conference are all part of the program.
The winners will be given further exposure to possibilities for growth and awards of up to ₦23 million. Applications for the program, which will run from August 5 to September 5, are now available at on.fcmb.com/AgricTech-Hackathon.
Mr. Kudzai Gumunyu, Divisional Head of FCMB’s Agribusiness & Non-oil Exports division, offered the following commentary on the program:
“We are excited to partner with FMO and Heave Ventures to organize the Agritech hackathon and venture-building program. This is an opportunity for innovators to conceptualize and develop solutions that would bridge some of the identified gaps in the local agribusiness ecosystem to herald a new era of efficient agricultural practices for all stakeholders and society. 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”.
The venture building program and agritech hackathon will conclude with demo days when the winners will get financial prizes and other rewards.
Additionally, Martine Sanders, FMO’s Technical Assistance Manager, stated: “FMO is thrilled to partner with FCMB on this Agritech Hackathon and Venture Building program. 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 program 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.”
The program will also include a conference that will bring together key players in the agriculture industry to talk about new and emerging issues and develop solutions that will increase productivity throughout the agricultural value chain. There will be seminars, workshops, panel discussions, and keynote addresses during the conference.
The agriculture sector in Nigeria employs about 70% of the workforce and generates 21.09% of the country’s GDP. The industry confronts many obstacles in spite of its vital relevance, including restricted land access, an excessive dependence on rain-fed irrigation, subpar storage facilities, restricted market access, and a low uptake of contemporary agricultural technologies. These have prevented the industry from realizing its full potential by resulting in low yields and post-harvest losses.
To counter these difficulties, FCMB and FMO recently signed a $25 million NASIRA guarantee arrangement. Targeting a clientele that banks generally view as excessively hazardous, the European Commission-funded guarantee will allow FCMB to increase its loans to women-owned, agricultural, and youth-owned SMEs without the need for collateral. One of the advantages of the collaboration between the two organizations is the FCMB and FMO organized a hackathon.
