But they cannot act in isolation. Government, donors and the private sector need to move as one if resilience is to take root in Nigeria.

In late May 2025, flooding in Mokwa in Niger State killed at least 117 people and left several still missing. Earlier, heavy rains destroyed homes and claimed at least 21 lives in north-central Nigeria. 

On August 6, the federal government issued flood alerts for 19 states, warning of further extreme rainfall between August 5-9. 

These events show a pattern of high climate risk: poor drainage, urbanisation, infrastructure vulnerability and changing rainfall patterns all combine to raise the stakes for agriculture, food security and human lives.

Why this is important – the drivers

• Scale of the hazard. Floods are not occasional. The Mokwa event was one of the deadliest in recent years. Lives and livelihoods are being wiped out.
• Underlying drivers. Rapid urban growth, informal settlements without drainage, old dams or reservoir‐releases (the latter implicated in past flood alerts) and infrastructure that wasn’t built with climate resilience in mind. 
• Financial gap. According to the latest report by Climate Policy Initiative, Nigeria mobilised about $2.5 billion in climate finance in 2021/22, up from $1.9 billion in 2019/20, but the annual gap (the amount needed vs the amount mobilised) is around $27.2 billion. 
• Data & systems weakness. There are limited hydrological sensors, weak last-mile alerting, and procurement systems that favour large infrastructure over agile tech-solutions.

What startups can build (and why)

Here are four areas of opportunity where startups can move from idea to impact.

1. AgTech for small-holder resilience

Startups can deliver climate-smart advisory (micro‐weather + seasonal forecasts), flood/drought-tolerant seed systems, bundled micro-insurance linked to weather triggers, and credit for replanting after floods. 

The reason: agriculture is highly exposed; floods destroy farmland and disrupt planting cycles. A viable business model could be subscription advisory plus revenue share on inputs and insurance commissions.

2. Urban resilience & data-driven infrastructure

A startup might build flood-risk mapping using satellite & local sensors, dashboards for municipalities or utilities, plus partnering with local contractors for nature-based drainage solutions. 

Drainage failures, particularly in fast-growing urban zones, magnify losses. Monetisation may come via B2G contracts (municipalities), and SaaS for decision-makers.

3. Disaster early-warning & last-mile alerting

Existing forecast agencies (e.g., the Nigeria Meteorological Agency and Nigeria Hydrological Services Agency) generate data. The gap is last-mile: reaching communities with actionable alerts, setting up evacuation triggers, and automating cash transfers tied to events. 

Startups can provide alert platforms, community-volunteer networks, and cash-trigger logic. Revenue comes from contracts with federal/state agencies or donors financing early‐warning programmes.

4. Data & risk-finance platforms

Startups can build APIs that feed river/dam sensor data, flood-indexes for insurers, and platforms that match resilience projects with blended finance. 

This matters because insurers, lenders and investors require data and pipelines to underwrite risk and invest in adaptation. Business models: licensing data/APIs, performance-based contracts, or match-making fees.

Real barriers—for clarity

I don’t want to sugar-coat it. To succeed, startups must navigate tough obstacles:

• Demand and payment risk. Many users (farmers, low-income communities) either cannot pay or are unwilling; commercial viability is weak without subsidy or public procurement.
• Procurement friction. Governments usually prefer big infrastructure contracts; small pilots are easier but scaling is slow.
• Finance constraints. As CPI found: “affordability of finance” and “limited supply of bankable projects” are major limitations. 
• Data gaps & interoperability. Without local sensors, standardised APIs or institutionalised data-sharing, solutions remain brittle.
• Policy/regulation lag. If legal frameworks, open data mandates and procurement reforms don’t keep pace, startups are left in limbo.

Government role – what must happen

If I were advising a government, I’d urge these five actions:

1. Commit to rapid procurement windows: allocate dedicated budgets for resilience tech (not just studies) so startups can contract and scale.
2. Mandate open data/ APIs from agencies like NiMet and NIHSA; make hydrological & meteorological data accessible.
3. Establish blended-finance/guarantee facilities that de-risk private investment in resilience (so startups can raise funding).
4. Embed impact-based early-warning systems in national disaster-risk management plans; authorise automatic triggers (e.g., cash transfers, evacuation alerts) when thresholds are exceeded.
5. Support local capacity at state and municipal level: invest in drainage, sensors, maintenance funds and community-volunteer networks.

Donors & development finance – their move

Donors and multilateral funds should focus on enabling, not just funding studies:

• Provide first-loss and outcome-based grants to make resilience commercially viable for startups.
• Fund data infrastructure: sensors, river gauges, ground monitoring networks and software platforms.
• Support risk transfer mechanisms, e.g., parametric insurance tied to flood/crop loss, accessible for rural farmers.
• Act as procurement catalysts: fund multi-year contracts that governments can absorb, reducing risk for startups.

Quick wins in next 12 months

• Launch a low-cost river-gage + SMS alert pilot across 1-2 high-risk LGAs identified by federal alerts.
• Bundle climate-smart advisory + micro-credit + parametric insurance for crop planting next season.
• Co-develop with NiMet a verified API feed for flood forecasts and package it commercially to insurers.

Medium to long-term (1-5 years)

• Build integrated river-basin monitoring (NIHSA + regional partners) and link to automated insurance triggers.
• Expand urban-resilience programmes: retrofit drainage, deploy nature-based solutions, create maintenance markets.
• Develop national procurement frameworks & climate-resilient infrastructure codes so tech innovation is institutionalised.

KPIs worth tracking

Choose measurable indicators:

• Time from warning to evacuation (hours) in pilot areas.
• Number of smallholders covered by parametric protection.
• % reduction in crop loss in project pilot zones year-on-year.
• Time from pilot to procurement contract for a resilience startup (months).
• Amount of blended finance mobilised (USD) for resilience.
• Number of municipalities using startup-delivered dashboards.

Risks & ethical issues

• Beware of “tech-solutionism”: technology alone won’t solve structural issues. Community involvement matters.
• Data privacy: especially for farm, household or geospatial data. Ensure consent and benefit sharing.
• Elite capture: resilience programmes must reach marginalised groups, not just well-connected players.

I believe we have a real opportunity in Nigeria. Startups are prepared to build the tools; the urgency is undeniable. But without policy clarity, finance reform and institutional buy-in, innovation will stall in pilots. 

If the next 12 months see coordinated action among startups + government + donors, we’ll move from reactive relief to proactive resilience.

The post Turning Climate Challenges into Opportunities: How Startups, Government and Donors Can Build Resilience in Nigeria appeared first on Tech | Business | Economy.

The round includes $1.27 million in equity and $230,000 in non-dilutive capital from DEG’s DeveloPPP Ventures programme, which supports early-stage African startups with scalable climate and inclusion impact. 

The equity investment was led by Delta40 Venture Studio, with participation from DRK Foundation, Catalyst Fund, Holocene, Marula Square, 54Co, Levare Ventures, and Mercy Corps Ventures.

Founded in 2021 by Claire Van Enk, Anouk Boertien, and Zara Benosa, Farm to Feed was built to tackle one of Africa’s biggest agricultural inefficiencies, post-harvest food loss. 

Across the continent, as much as 40% of food never reaches consumers, largely due to cosmetic rejection, poor logistics, and limited market access.

Farm to Feed’s platform enables smallholder farmers to sell their entire harvest, including surplus or imperfect produce that would otherwise go to waste. The company aggregates the produce, sells it to food businesses such as restaurants and processors, and provides farmers with new income streams for crops that previously had no market.

The startup reports it has onboarded 6,500 farmers, sold over 2.1 million kilograms of produce, and helped avoid 247 tonnes of CO₂-equivalent emissions.

Farm to Feed began during the COVID-19 lockdowns, when supply chain disruptions left Kenyan farmers unable to sell their produce. 

At the time, Van Enk organised a GoFundMe campaign to purchase unsold crops and distribute them to families in informal settlements. The experience revealed a bigger problem, a systemic lack of market access for “rescue-grade” produce that was still nutritious but visually imperfect.

“We wanted to solve this problem more sustainably and more commercially,” said Van Enk, now CEO of Farm to Feed. “If you grow your own food and one is smaller than the other, I’m quite sure you would consume both because they actually taste the same but look a bit different.”

The new funding will be used to enhance Farm to Feed’s presence across Kenya and expand into regional markets. Part of the plan involves enhancing the company’s digital systems, which already include a mobile and USSD-based platform for farmers and an enterprise management system that supports traceability and logistics.

A key growth area is the company’s semi-processed product line, including chopped, dried, and frozen ingredients, which targets urban retailers and export buyers. 

This value-add segment is central to Farm to Feed’s goal of increasing product preservation and reaching higher-margin markets.

“This funding allows us to expand our reach, connecting more farmers to a market that is increasingly demanding sustainably produced food,” said Van Enk. “As we scale, technology remains at the core of our growth, and we’re excited to enhance our systems to support expansion beyond borders.”

For investors, Farm to Feed sits at the intersection of sustainability, market access, and profitability.

“Farm to Feed maximises farmer incomes by purchasing the full harvest while ensuring that every gram of produce creates value,” said Lyndsay Holley Handler, co-founder and managing partner at Delta40 Venture Studio. “Whether through exports, B2B sales, or value addition, Farm to Feed is creating a true win-win-win for farmers, businesses, and the planet.”

Catalyst Fund, an early backer, is also doubling down. “Farm to Feed is transforming one of Africa’s biggest inefficiencies into one of its greatest opportunities,” said Maelis Carraro, the fund’s founder and managing partner. “We’ve seen Claire and her team turn a bold vision into a scalable, tech-enabled solution that directly boosts farmer incomes, cuts emissions, and strengthens food system resilience.”

Farm to Feed’s raise comes amid growing investor interest in climate-resilient agritech across Africa. Startups such as Apollo Agriculture and Twiga Foods have also attracted significant funding to digitise and optimise supply chains.

For Kenya, the deal stresses a bigger national focus on agro-industrialisation and food system transformation, where technology-driven efficiency and sustainability are becoming investment priorities.

The post Kenya’s Farm to Feed Raises $1.5 Million to Tackle Food Waste, Boost Farmer Incomes appeared first on Tech | Business | Economy.

The funding is expected to scale up the company’s franchise model, boost food security, and help farmers withstand growing climate pressures.

Agriculture is the backbone of Nigeria’s economy, accounting for about 25% of GDP and employing more than 70% of the workforce. However, smallholder farmers, responsible for producing around 70% of the nation’s food, still live below the poverty line, many earning less than $2 daily. 

In northern Nigeria, these challenges are even more severe due to poor soil quality, erratic rainfall, and limited access to modern farming practices.

Babban Gona’s model offers end-to-end support including credit, training, harvest and storage services, as well as market access. In enabling top-performing farmers to run micro-enterprises that distribute inputs and financing to peers, the company has doubled net incomes for many participants compared to the national average. With BII’s backing, Babban Gona aims to reach about 140,000 farmers by 2029.

“Our partnership with Babban Gona is a great example of how BII is using catalytic capital to support innovative, high-impact business models that transform lives and economies,” said Benson Adenuga, BII’s West Africa regional director and head of office for Nigeria. 

“By backing this pioneering franchise model, we are not only addressing a critical financing gap but also helping to build a more resilient and productive agricultural sector and support smallholder farmers in a region that is often overlooked by investors.”

Climate resilience stands at the core of Babban Gona’s approach. The company provides drought-tolerant seeds, climate-smart inputs, and insurance products that shield farmers from extreme weather shocks, essential in a country where floods in 2022 and 2024 destroyed crops and displaced thousands.

Since 2018, Babban Gona has deployed AI tools trained on over two million images to help farmers identify crop diseases with just a smartphone photo. Its offline-enabled mobile apps ensure that even those in remote, low-connectivity areas can benefit. 

The same AI technology is used to support antenatal care for rural women and English literacy programmes for children, expanding its impact beyond agriculture.

Kola Masha, Babban Gona’s managing director, noted how early adoption of AI shaped the company’s global standing. “Our early work in AI enabled us to build very strong relationships in the space,” he said. “We were one of 12 organisations around the world brought into a small monastery in Lake Como with the likes of Nvidia, OpenAI, and Google to think about the role of AI for global development.”

Beyond farming, Babban Gona is experimenting with sustainable transport solutions in rural areas, including two-wheeler e-bikes and charging stations, an initiative Masha describes as building “the equivalent of a Tesla for northern Nigeria.”

BII’s latest investment is a medium to back African agribusiness, following recent commitments to companies like AgDevCo and Johnvents. 

For northern Nigeria’s farmers, however, the impact could be more immediate, with access to finance, tools to survive climate shocks, and a chance to earn a dignified income.

The post Babban Gona Raises $7.5m to Strengthen Smallholder Farming in Northern Nigeria appeared first on Tech | Business | Economy.

Speaking at the High-Level Conference on Scaling Finance for Smallholder Farmers in Nairobi, Adesina revealed that Bank management is currently consulting with its Board of Directors on establishing this groundbreaking facility.

The facility will deploy multiple financial instruments, including trade credit guarantees, first-loss coverage, blended finance mechanisms, and origination incentives to reduce the high transaction costs of serving enterprises, complemented by technical assistance.

“We stand on the threshold of making history by pushing the boundaries of innovation and building extensive collaborative alliances to bridge the financing gap faced by smallholder farmers and agribusinesses,” said Adesina in his keynote address.

Organized in partnership with the Pan African Farmers’ Organization (PAFO), the conference sought to address Africa’s critical $75 billion annual financing gap for farmers and agricultural enterprises.

Adesina, who was recently awarded Kenya’s highest national honor by President William Ruto—called for global action: “Together, let us unleash the potential of agriculture in Africa. Let us make Africa the breadbasket of the world. And together, let us feed Africa with pride!”

Progress since Dakar 2 Feed Africa Summit

Adesina highlighted substantial progress since the 2023 Dakar 2 Feed Africa Summit, where 34 African heads of state committed to ensuring food security and sovereignty.

Financial commitments from development partners have surged from an initial $30 billion to $72 billion in less than a year, with the African Development Bank pledging $10 billion.

The Bank has approved 77 projects valued at $3.9 billion to support the implementation of Country Food and Agriculture Delivery Compacts across 32 countries, with an additional $1.72 billion in planned approvals this year.

Key initiatives supporting smallholder farmers

The Bank has launched several major initiatives to strengthen smallholder farmers:

The Technologies for African Agricultural Transformation (TAAT) initiative has reached 25 million farmers with high-yield, climate-resilient crops, boosting Africa’s food production by 120 million tons.

The African Emergency Food Production Facility, a $1.5 billion program, has delivered 459,000 tons of seed and 2.8 million tons of fertilizer to 12.3 million farmers, producing 37.6 million metric tons of food.

The Special Agro-Industrial Processing Zones initiative has invested $934.51 million, with $938.27 million in co-financing, supporting 27 projects in 11 countries.

The Affirmative Finance Action for Women in Africa (AFAWA) program has approved $2.52 billion in funding for 24,000 women-led businesses.

The African Fertilizer Financing Mechanism has implemented trade credit guarantees in nine countries, distributing 125,193 metric tons of fertilizer worth $62.8 million to 776,971 smallholder farmers.

The Inputs Supplier Risk Sharing Program, a $600 million initiative, is working to de-risk input supply chains in Uganda, Kenya, Tanzania, Ghana, and Zambia.

The Mobilizing Access to the Digital Economy (MADE) Alliance Africa, in partnership with Mastercard, has seen the Bank commit $300 million to integrate 3 million farmers in Kenya, Tanzania, and Nigeria into the digital economy.

Addressing persistent challenges

Currently, only 6% of African smallholder farmers have access to credit, and less than 20% use improved seeds.

Financial institutions often perceive smallholder farmers as high-risk borrowers due to climate variability and lack of collateral.

Bank lending to agriculture remains low, accounting for less than 5% of total loan portfolios in many African countries, despite the sector being a major economic driver.

“For some of you, these numbers may sound familiar; for the rest of us, they should be frustrating to hear. We must act now to change this reality,” urged Dr. Beth Dunford, Vice President for Agriculture, Human, and Social Development at the Bank, speaking at the opening session on Monday.

PAFO President Ibrahima Coulibaly urged stakeholders to take bold action:

“If we want to save our continent from hunger, malnutrition, and poverty, we must create jobs in the agricultural sector. There is no other sector capable of doing this.”

Kenyan Cabinet Secretary for Agriculture and Livestock Development, Senator Mutahi Kagwe, called for urgent implementation:

“If we prioritize innovative, practical measures, we will transform agriculture into a thriving business. Let’s commit to ensuring that no farmers are left behind due to lack of finance.”

On Tuesday, a panel of leading global and African financial experts also issued a resounding call to align financial structures with the needs of smallholder farmers. They underscored the crucial role of government in creating an enabling environment for financial institutions to expand agricultural lending.

The post AfDB Mulls $500M Facility to Mobilize Financing for Smallholder Farmers appeared first on Tech | Business | Economy.

The event, held on December 17, 2024, at the Marriott Hotel in Ikeja, Lagos, brought together stakeholders from the public, private and development sectors to explore innovative solutions that address the challenges faced by smallholder farmers and support Nigeria’s food security ambitions.

This initiative represents a significant step in addressing critical challenges faced by smallholder farmers in Nigeria, who contribute up to 90% of the country’s food production.

These farmers face barriers, including limited access to advisory services, fragmented private sector solutions, and underfunded public extension systems, which limit their ability to adopt innovative practices and access markets effectively.

The proposed PPP DAES solution aims to bridge these gaps by leveraging financial sustainability, user-centred design, and tailored solutions to deliver agronomic, market, and financial information at scale.

This system seeks to ensure long-term viability while aligning with Nigeria’s agricultural goals of self-sufficiency and import substitution by prioritising private sector leadership.

The event also showcased findings from a scoping study on DAES solutions and highlighted innovative delivery methods that are low-cost, scalable, and site-specific. Participants explored how these solutions can enhance access to real-time, localised support for agro-businesses and farmers, fostering productivity, traceability, and market access for key value chains, including maize, cassava, and cocoa.

Speaking at the convening, Tawanda Hove, senior program officer, Digital Agronomy at the Bill & Melinda Gates Foundation, remarked the Gates Foundation is deeply committed to supporting Nigeria’s journey toward agricultural self-sufficiency.

Smallholder farmers are the backbone of the nation’s food security, and empowering them with the right tools and information is essential.

Today’s discussions are pivotal in building a sustainable, user-focused advisory system that aligns public and private sector resources to deliver transformative impact.

During the event, stakeholders also reviewed findings from a scoping study and examined elements of proposed operational frameworks and funding models to ensure the system’s financial feasibility. Discussions also highlighted the importance of inclusivity, with plans to integrate technologies such as Unstructured Supplementary Service Data (USSD), Interactive Voice Response (IVR), and smartphone applications to make the platform accessible to all, particularly women and underserved communities.

Also speaking at the event, Silim Nahdy, AFAAS, said,

“We believe that the future of agriculture in Africa lies in leveraging technology to bridge the gaps in knowledge and resources. Through collaborative efforts like today’s convening, we can design innovative, locally relevant solutions that empower farmers and build resilient agricultural systems across the continent.”

The event concluded with key outcomes, including commitments from private sector participants to co-invest in digital solutions, consensus on user-centred product features, and strengthened stakeholder collaboration.

These milestones set the foundation for the final development of the DAES product profile design with a sustainable business model.

This convening represents a pivotal milestone in Nigeria’s journey to transform its agricultural sector through innovation and partnership, unlocking new opportunities for smallholder farmers and fostering economic resilience.

The post How Nigeria Advances Agricultural Transformation Using Digital Innovation appeared first on Tech | Business | Economy.

Through its digital actuary platform, Pula customizes insurance products to the specific needs of farmers and their partners. In embedding insurance premiums into farm input costs or credit packages, Pula ensures accessibility to even the most remote farmers. 

This approach has garnered support from global investors, with a recent $20 million series B funding led by BlueOrchard, aiming to expand partnerships and introduce livestock covers.

One of the fund’s focuses is to bolster its mission to empower agricultural communities and enhance resilience against climate-related risks.

In recent years, Pula has partnered with organizations like the World Food Programme (WFP) and various agricultural associations, to increase access to crop insurance, offering protection against risks and adverse weather conditions.

One of Pula’s successful collaborations has been with WFP in Kitui, Kenya, where the program has grown from insuring 1,000 farmers to approximately 10,000 over three years. 

The insurance payouts, totaling $766,000, have been essential in stabilizing household incomes during droughts and severe weather events, empowering farmers to invest in their families’ well-being and agricultural assets.

Expanding its reach beyond Kenya, Pula partnered with the Central Bank of Nigeria in 2020 to insure over half a million farmers for the wet season. This initiative, which included farmers from the National Cotton Association of Nigeria and Rice Farmers Association of Nigeria, supported agricultural communities across borders.

Pula’s impact is not just on financial compensation. Research conducted by the company indicates that agricultural insurance leads to increased investment in farms, improved yields, and higher household savings. With only 1% of small-scale farmers in Africa currently covered by insurance, Pula’s efforts are important in bridging this gap and empowering agricultural communities.

The company plans to introduce livestock covers in countries like Kenya following a successful pilot program in Nigeria. Additionally, Pula aims to further penetrate markets in Asia and Latin America, building on its success in enhancing the resilience of smallholder farmers worldwide.

Pula leverages historical data and digital tools to design affordable insurance plans that protect farmers against yield losses due to weather events, pests, and diseases.

The impact of Pula’s work is seen in the increased investment, yields, and savings reported by farmers using their products. Additionally, payouts from Pula’s partner insurers have reached over $40 million, directly benefiting close to 1 million farmers.

The post Insurtech Pula Raises $20M Series B to Empower Millions of Smallholder Farmers appeared first on Tech | Business | Economy.

Kashifu Inuwa, the Director General of the National Information Technology Development Agency (NITDA), made this disclosure at the Policy Dialogue session in collaboration with the Office of the Presidency, the Federal Ministry of Agriculture & Food Security and the International Fund for Agricultural Development (IFAD) at the Barcelona Hotel, Abuja.

The Policy Dialogue Session which with the theme: “Deepening Partnership for Scale-up of Information & Communications Technology for Development (ICT4D) for Smallholder Farmers in Nigeria is aimed at fostering partnership among the relevant players in the ecosystem to scale solutions for farmers in enhancing productivity.

Giving more insight into his disclosure during his opening remarks, Inuwa said that the policy dialogue is a step in the right direction towards actualising the renewed hope agenda of President Bola Ahmed Tinubu GCFR in diversifying the economy through the digital transformation of critical sectors in the country.

“President Bola Ahmed Tinubu is committed to uplifting Nigeria through digital transformation, innovation and economic growth”.

“To achieve this, the President has mandated our Ministry, the Federal Ministry of Communications, Innovation and Digital Economy to accelerate the Nigerian economic diversification by enhancing productivity in critical sectors through technological innovation”, he stated.

While maintaining that the agricultural sector contributes about 70% to businesses in Africa and contributes about 21% to the country’s GDP, he said that priority in terms of technology penetration should be given to it considering its importance.

Buttressing the importance of technology on agricultural productivity, the NITDA DG added that:

“Nigeria in terms of land size is almost 22 times larger than the Netherlands but in terms of production, Netherlands is the second largest agricultural producer in the world because of its use of technology”.

Speaking on NITDA’s commitment to implementing the presidential mandate, Inuwa stated that the agency worked with the Federal Ministry of Agriculture in crafting the National Digital Agricultural Strategy which also birthed the development of the National Adopted Village for Smart Agriculture.

“We have implemented that initiative in six states in collaboration with different institutions, including academia, fintech and telco companies and we have established a platform that provides a marketplace for the participants as well as to connect them with financial institutions”, he added.

He further noted that a wallet is provided on the platform to ensure that funds are controlled and properly utilised for the purpose and beneficiaries it is meant for.

“I believe that with this kind of partnership, we can scale up that platform and make agri-business a fancy business for our youth to be part of it”, he concluded.

Earlier in her welcome address, Mrs. Dede Ekoue, the Country Director of the IFAD Country Office, Abuja, thanked the NITDA DG for his participation in the steadfast commitment to putting NITDA’s high-quality technical expertise to the service of enhanced digital solutions for farmers.

She said that IFAD is committed to promoting the empowerment of smallholder farmers globally and in Nigeria through several solutions and is scaling up its support in digital solutions.

“We invite all stakeholders from the public sector, the private sector, civil society, farmer organizations, and development partners, to discuss the best approaches to strengthen our partnership and our digital solution. We are confident that together we can do more, we can do better, and we can do faster to increase access of smallholder farmers to digital solutions”, she noted.

In his remark, Dr. Kingsley Uzoma, the Special Senior Assistant to the President on Agribusiness and Productivity Enhancement, commended the DG NITDA for his active participation with the Office of the President in different policy developments.

He asserted that sustained efforts at digital literacy in partnership with key agencies like NITDA as well as the private sector will be critical in ensuring greater technology absorption by smallholder farmers which can translate to improved productivity, extensive technical upscaling, promoting best practices and increased trade.

He also expressed the need for a centrally coordinated agricultural data hub that would aggregate and provide insights on open and targeted data that is relevant for planning, policy direction and essential decision-making.

“Increased collaboration with the Federal Ministry of Agriculture & Food Security, and NITDA is necessary to implement a national digital dialogue strategy to further leverage technology for advancements from the agricultural sector”, he averred.

The post Smallholder Farmers will Contribute $67bn to Nigeria’s GDP If Digitised – DG NITDA appeared first on Tech | Business | Economy.

Inuwa reiterated this during a working visit on him by the Country Director, International Fund for Agricultural Development (IFAD), Mrs Dede Ekoue.

The Director-General maintained that NITDA has continued to undertake several initiatives towards supporting smallholder farmers and enhancing productivity within the farming sector.

“It is part of our mandate to improve National Food Security through Information Technology (I.T) because globally today, I.T is regarded as one of, if not the best tool(s) when it comes to enhancing productivity in Agriculture, as it is evident, how Smart Agriculture is really increasing food production around the world”.

“We strongly believe that if we in Nigeria embrace this technology, it can be a game changer in the sector”, Inuwa asserted.

Beyond utilising ICT to improve food productivity for subsistence farmers, the DG was also assertive that it will attract the youthful population to take up farming as a business which he said would somewhat retire the narrative that ‘farming is an activity solely for people in suburbs or villages’.

“With technology, you can have a farm at the backyard of your house in the city, you can even explore vertical farming, in developed countries, some do theirs on the rooftop or indoors”.

“So, the technology is available and with the strong belief in our ingenuities, we can do something similar if not better”, Inuwa averred.

While briefing his guests on some of NITDA’s collaborations and efforts in the sector, Inuwa recalled that the Agency had since started a relationship with the Ministry of Agriculture which took off with the development of “Smart Agric Strategy” for them, followed by some initiatives like NAVSA, e.t.c.

“We also collaborate with private sectors, multinational companies and high institutions like Universities, where we leverage on their research centres to create clusters and the ecosystem as well, as we always urge them to come for proof of concept on different technologies”.

“Suffice it to say that we strongly believe in collaboration because we know that the success of digital transformation does not rest on the individual but the collective approach of the ecosystem, and that explains why we always insist on carrying everyone along with us”, the Director-General avowed.

About the partnership request by IFAD for the Agency to participate in its forthcoming policy dialogue, and explore other possible channels/areas to collaborate on, the NITDA Boss appreciated the hand of friendship extended to the Organisation and confirm the Agency’s readiness to come on board, noting that it is NITDA’s culture to partner any individual, group or body that has a viable proposition targeted at adding value to Nigeria and Nigerians.

“It is not only about the policy dialogue, when you are done with that, like the last one we were part of, don’t forget to reach out to us during your capacity building plans because we can benefit from that as well, especially to update the knowledge of our teammates”

“The goal is to expand our horizons and we are already working with Abuja Technology Village to build all these technologies on the farmland we secured, so, this visit will definitely help us know how to go about that”, Inuwa said.

He assured the IFAD team of NITDA’s unflinching resolve to deepen the partnership between the two organisations and welcome other bodies they highlighted would be brought in.

The Country Director, International Fund for Agricultural Development (IFAD), Mrs Dede Ekoue who led the delegation, earlier informed NITDA’s Management team that the visit was to strengthen the existing partnership and thank the Agency for its support at different times it was sought after, particularly for the Multi-stakeholder Dialogue on ICT4D for smallholder farmers that was held in May, 2023.

Mrs Ekoue went on to explain that the Dialogue helped the team undertake several activities, including capacity building, exchange of visits, among others.

“Now, we are going to have another policy dialogue to strengthen collaborations among all the institutions involved in extending all the digital solutions to smallholder farmers”.

“It is a very important meeting that demonstrates once again the leadership of NITDA in scaling up ICT4D and we are very pleased with to be having this discussion because it will aid us to straighten out some pillars and strategies for the benefit of smallholder farmers in Nigeria”, Ekoue stressed.

She expressed gratitude for NITDA DG’s assurances in granting IFAD’s collaboration requests which she mentioned would assist in leveraging community of actors, as NITDA is not only supporting the course but also would mobilise the support of other key stakeholders, invariably, enabling smallholder farmers access digital solutions across board.

The post Inuwa says NITDA’ll Continue to Support Smallholder Farmers with Sustainable Solutions appeared first on Tech | Business | Economy.

Double-digit growth was recorded across all business segments, with the banking group growing by 71.7%, while the consumer finance, investment management, and investment banking segments grew by 25.6%, 45.7%, and 26.7%, respectively.

The Ladi Balogun led company, which proposed a dividend of 25k per share, also delivered impressive environmental, social and governance results in climate action, financial inclusion, food security, community initiatives, customer acquisition, and digital transformation.

It switched 12 additional branches to solar power in 2022, removing 75% of its branch network from grid/diesel generators, and provided micro-loans totalling N13 billion to 120,000 MSMEs.

The agency banking arm extended its partnership to 100,000, acquiring over 211,000 customers.

Working alongside partners, FCMB supported 280,000 smallholder farmers, created over 600,000 jobs, and helped deliver Africa’s first cassava-based Sorbitol Factory.

The Group’s impressive financial results also showed a 35.5% growth in gross revenue to N283 billion from N212 billion the previous year.

It was driven by a 35.5% growth in interest income and a 26.9% growth in non-interest income. Customer confidence remained strong as deposits rose 25.1% to N1.94 trillion in December 2022 from N1.55 trillion the previous year, while loans and advances witnessed a 12.4% surge to N1.20 trillion as against N1.06 trillion in 2021. The Group’s total assets increased by 19.6% from N2.50 trillion to N2.98 trillion in December 2022.

Investment Banking (advisory and primary debt and equity capital markets) transaction value consummated by the Group rose to N857.1 billion in 2022, compared to N582.9 billion in 2021.

This delivered a 47% growth in fees from capital raise and financial advisory services over the period.

The financial service Group’s Assets Under Management (AUM) also sustained its growth trajectory rising to N783.7 billion in 2022, up by 49.0% from N525.7 the prior year.

Net interest income grew 34.2% to N122.0 billion for the first twelve months of 2022, compared to N90.9 billion in 2021.

This was driven by a growth in the yield on earning assets from 11.0% to 12.7%, which increased Net Interest Margin (NIM) from 6.2% to 7.0%.

The overall customer base of FCMB Group grew by 18.4% to 10.9 million, as it acquired an additional 1.7 million customers in the period, including 250,000 customers from Pension Fund Administrator (PFA acquisition), compared to 900,000 in 2021.

This Group’s digital transformation drive witnessed enhanced performance across all business segments. Digital Payments, Wealth, and Lending continued to empower more customers, resulting in a 42.0% growth in digital revenues from N26.1 billion in 2021 to N37.1 billion in 2022. Thus, digital revenues accounted for 13% of gross earnings from the 12% contribution in 2021.

Digital retail lending

In digital retail lending, First City Monument Bank and Credit Direct Limited, subsidiaries of the Group, underwrote and disbursed over 962,000 loans, totalling N42.1 billion, as at December 31, 2022, a growth of 17.1% and 24.9%, respectively, from the prior year.

Through the Bank’s digital SME lending channels, over 21,000 loans, totalling N165.2 billion, were accessed, underwritten, and disbursed, a growth of 1.9% and 43.7%, respectively.

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