First City Monument Bank (FCMB) and the Dutch Entrepreneurial Development Bank, FMO, have partnered to launch an agritech hackathon aimed at developing innovative solutions to address the challenges in Nigeria’s agricultural sector.
The initiative, facilitated by Heave Ventures, includes a comprehensive program featuring a 48-hour hackathon, a four-week venture-building residency, and a stakeholder conference. According to a statement released by the partners on Wednesday, participants will have the chance to win up to N23 million in prizes and gain further exposure to growth opportunities.
Nigeria’s agricultural sector, which contributes 21.09% to the country’s Gross Domestic Product and employs around 70% of the population, is central to the nation’s economy, according to the National Bureau of Statistics. This hackathon seeks to tackle persistent challenges within the sector and transform them into profitable opportunities for innovators.
Mr. Kudzai Gumunyu, FCMB’s Divisional Head of Agribusiness & Non-Oil Exports, highlighted the importance of the initiative. “This initiative aims to address the perennial pain points in Nigeria and Africa’s agribusiness ecosystems, transforming them into monetized opportunities for innovators. We are excited to partner with FMO and Heave Ventures to organize this Agritech Hackathon and Venture Building program. It is an opportunity for innovators to conceptualize and develop solutions that will bridge some of the identified gaps in the agribusiness ecosystem, ushering in a new era of efficient agricultural practices for all stakeholders.”
Gumunyu also emphasized FCMB’s commitment to fostering inclusive and sustainable growth within communities by creating a supportive ecosystem that connects people, capital, and markets across Africa.
Martine Sanders, Technical Assistance Manager at FMO, expressed enthusiasm for the collaboration, stating, “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.”
Sanders further noted that the initiative aligns with the objectives of NASIRA, a portfolio guarantee and technical assistance program funded by the European Commission, which supports unlocking finance for MSMEs, promoting sustainable growth, and strengthening the agribusiness ecosystem in Nigeria.
The program will also feature a conference that will bring together stakeholders in the agribusiness sector to discuss current and emerging challenges and create solutions that enhance productivity across the agribusiness value chain.
