First City Monument Bank (FCMB) has teamed up with the Dutch Entrepreneurial Development Bank (FMO) to launch an Agritech Hackathon and Venture Building programme aimed at revitalizing Nigeria’s agricultural sector.
The initiative, facilitated by Heave Ventures, invites startups, entrepreneurs, and innovators to create solutions for key challenges such as access to credit, infrastructure issues, and food security.
The programme features several components, including a 48-hour hackathon, a four-week venture-building residency, and a stakeholder conference. Participants will have the chance to win prizes totaling up to ₦23 million, along with opportunities for further growth and exposure in the agritech space. Applications for the programme opened on August 5 and will remain open until September 5. Interested candidates can apply via the FCMB website.
Mr. Kudzai Gumunyu, FCMB’s Divisional Head for Agribusiness and Non-Oil Exports, highlighted the importance of this initiative. He stated that the programme aims to tackle persistent challenges in Nigeria and Africa’s agribusiness ecosystems, transforming these issues into monetized opportunities for innovators.
“We are excited to partner with FMO and Heave Ventures to organize this Agritech Hackathon and Venture Building programme,” he added. This collaboration seeks to empower innovators to develop solutions that address gaps in the agribusiness sector, leading to more efficient agricultural practices.
The hackathon will culminate in demo days, where winning teams will receive cash grants and other benefits to help them scale their ideas.
Martine Sanders, Technical Assistance Manager at FMO, expressed enthusiasm about the partnership, noting that the programme is essential for enabling early-stage companies through business development services and funding.
She stated, “By fostering innovative ideas that tackle key agricultural challenges, we aim to unlock finance for micro, small, and medium-sized enterprises (MSMEs), promote sustainable growth, and strengthen the overall ecosystem.”
The Agritech Hackathon aligns with the objectives of the NASIRA programme, which is a portfolio guarantee and technical assistance initiative funded by the European Commission. This agreement, recently signed by FCMB and FMO for $25 million, will allow FCMB to expand its funding to agricultural, youth, and women-owned SMEs without requiring collateral. This is especially significant as it targets client groups often considered too risky by traditional banks.
Nigeria’s agricultural sector plays a vital role in the economy, contributing 21.09% to the nation’s Gross Domestic Product (GDP) and employing about 70% of the population. However, it faces several challenges, including limited land access, reliance on rain-fed irrigation, inadequate storage facilities, poor market access, and low adoption of modern agricultural technologies. These factors have led to low yields and significant post-harvest losses, preventing the sector from reaching its full potential.
The upcoming stakeholder conference will provide a platform for discussions on current and emerging challenges in the agribusiness sector. It will feature keynote speeches, panel discussions, workshops, and masterclasses aimed at driving productivity in the agricultural value chain.
With this Agritech Hackathon, FCMB and FMO aim to catalyze innovation and create lasting impacts on Nigeria’s agribusiness landscape, paving the way for a more sustainable and productive agricultural future.
