Sylvia Duruson
First City Monument Bank (FCMB) has partnered with the Dutch Entrepreneurial Development Bank (FMO) to launch an innovative Agritech Hackathon and Venture Building programme in Nigeria. This collaborative effort aims to address critical challenges in the country’s agricultural sector, including limited credit access, inadequate infrastructure, and food security concerns.
The programme, implemented by Heave Ventures, invites entrepreneurs, startups, and innovators to develop cutting-edge solutions for the agribusiness ecosystem. It comprises three main components: a 48-hour hackathon, a 4-week venture-building residency, and a stakeholder conference.
Participants stand to win prizes totaling up to ₦23 million and gain exposure to valuable growth opportunities. The application period runs till September 5, with interested parties directed to apply through the official FCMB website.
FCMB’s Divisional Head of Agribusiness & Non-oil Exports, Mr. Kudzai Gumunyu, expressed enthusiasm for the initiative. He emphasized its potential to bridge gaps in the local agribusiness ecosystem and usher in a new era of efficient agricultural practices. Gumunyu reaffirmed FCMB’s commitment to fostering inclusive and sustainable growth within communities.
Martine Sanders, Technical Assistance Manager at FMO, echoed this sentiment. She highlighted the programme’s alignment with the objectives of NASIRA, a portfolio guarantee and technical assistance program funded by the European Commission. Sanders emphasized the importance of empowering early-stage companies to address key challenges in Nigeria’s agricultural sector.
The programme will culminate in demo days where winners will be awarded cash grants and other benefits. Additionally, a conference will bring together stakeholders from the agribusiness sector to discuss current and emerging challenges. This event will feature keynote presentations, panel discussions, workshops, and masterclasses aimed at driving productivity across the agribusiness value chain.
Nigeria’s agricultural sector plays a crucial role in the country’s economy, contributing 21.09% to the Gross Domestic Product and employing approximately 70% of the population. However, the sector faces numerous obstacles, including limited land access, over-reliance on rain-fed irrigation, inadequate storage facilities, poor market access, and low adoption of modern agricultural technologies. These challenges have resulted in low yields and significant post-harvest losses, hindering the sector’s potential.
To address these issues, FCMB and FMO recently signed a $25 million NASIRA guarantee agreement. This European Commission-funded guarantee will enable FCMB to expand its funding to agricultural, youth, and women-owned SMEs without requiring collateral. This initiative targets a client group typically considered too risky by traditional banks, aiming to promote financial inclusion and support underserved segments of the market.
The Agritech Hackathon and Venture Building programme represents one of the tangible benefits of the partnership between FCMB and FMO. By fostering innovation and supporting entrepreneurship in the agricultural sector, this initiative seeks to catalyse positive change and drive sustainable development across Nigeria’s agribusiness landscape.
Through this collaborative effort, FCMB and FMO aim to unlock the potential of Nigeria’s agricultural sector, addressing key challenges and promoting sustainable growth. As the programme unfolds, it is expected to generate innovative solutions that will contribute to the transformation of the country’s agribusiness ecosystem, ultimately benefiting farmers, entrepreneurs, and the broader Nigerian economy.
