First City Monument Bank (FCMB) and the Dutch Entrepreneurial Development Bank (FMO) have teamed up to inspire change in Nigeria’s agricultural sector with an Agritech Hackathon and Venture Building program. This initiative, delivered by Heave Ventures, invites startups, entrepreneurs, and innovators to solve problems like credit access, infrastructure, and food security.
The program includes a 48-hour hackathon, a 4-week venture-building residency, and a conference for stakeholders. Winners can receive up to N23 million in prizes and access further growth opportunities. Applications are open from August 5 to September 5 at on.fcmb.com/AgricTech-Hackathon.
FCMB’s Head of Agribusiness & Non-Oil Exports, Mr. Kudzai Gumunyu, said: “This initiative aims to turn challenges in Nigeria and Africa’s agribusiness into opportunities for innovators. We are excited to partner with FMO and Heave Ventures on the Agritech Hackathon and Venture Building program. It gives innovators a chance to create solutions that address gaps in the agribusiness ecosystem, leading to more efficient agricultural practices. We are committed to fostering inclusive and sustainable growth by building a supportive ecosystem rooted in Africa, connecting people, capital, and markets.” The program will end with demo days where winners receive cash grants and other benefits.
Martine Sanders, Technical Assistance Manager at FMO, added: “FMO is thrilled to partner with FCMB on this Agritech Hackathon and Venture Building program. By providing early-stage companies with business development services and funding, we aim to support innovative ideas addressing key challenges in agriculture, a crucial sector in Nigeria. This initiative is vital for unlocking finance for MSMEs, promoting sustainable growth, and strengthening the ecosystem. It fits perfectly with the goals of NASIRA, the portfolio guarantee and technical assistance program funded by the European Commission. Together with FCMB, we look forward to supporting sustainable development in Nigeria and making a lasting impact on Nigeria’s agribusiness landscape.”
The program will also feature a conference where stakeholders in the agribusiness sector can discuss current and emerging challenges and find solutions to improve productivity in the agribusiness value chain. The conference will include keynote presentations, panel discussions, workshops, and masterclasses.
Nigeria’s agricultural sector is crucial to the nation, contributing 21.09% to the Gross Domestic Product and employing around 70% of the population. However, it faces many challenges, such as limited access to land, reliance on rain-fed irrigation, inadequate storage facilities, poor market access, and low use of modern agricultural technologies. These issues have led to low yields and post-harvest losses, preventing the sector from reaching its full potential.
Recently, FCMB and FMO signed a $25 million NASIRA guarantee agreement to address these challenges. Funded by the European Commission, this guarantee will allow FCMB to extend funding to agricultural, youth, and women-owned SMEs without needing collateral, targeting a client group typically deemed too risky by banks. The Agritech Hackathon is one of the benefits of this partnership between the two institutions.
