By Ayomide Otitoju
First City Monument Bank (FCMB) and the Dutch Entrepreneurial Development Bank, FMO, have joined forces to launch an agritech hackathon aimed at generating innovative solutions to address challenges within Nigeria’s agricultural sector.
This collaborative initiative, which also encompasses a venture-building program, is being facilitated by Heave Ventures.
According to a statement released by the partners, the program entails a 48-hour hackathon, a four-week venture-building residency, and a stakeholder conference. Winners of the program will stand a chance to receive prizes of up to N23 million and further opportunities for growth.
The agricultural sector in Nigeria plays a significant role in the country’s economy, contributing 21.09 percent to the Gross Domestic Product (GDP) and employing about 70 percent of the population, as highlighted by the National Bureau of Statistics.
Mr. Kudzai Gumunyu, the Divisional Head of Agribusiness & Non-Oil Exports at FCMB, expressed enthusiasm about the partnership, emphasizing its potential to transform challenges within Nigeria and Africa’s agribusiness ecosystems into opportunities for innovators. He added that initiatives such as the Agritech Hackathon and Venture Building program exemplify FCMB’s commitment to fostering inclusive and sustainable growth within communities.
Martine Sanders, the Technical Assistance Manager at FMO, reiterated the significance of the collaboration, stating that it aims to empower early-stage companies through business development services and funding to address critical challenges in the agriculture space. This initiative aligns with the objectives of NASIRA, a portfolio guarantee and technical assistance program funded by the European Commission, marking a significant step towards supporting sustainable development in Nigeria.
The program also includes a conference that will bring together stakeholders in the agribusiness sector to deliberate on current and emerging challenges, fostering solutions that drive productivity in the agribusiness value chain
