FCMB, FMO tackle food insecurity with agritech hackathon

First City Monument Bank and the Dutch Entrepreneurial Development Bank, FMO, have collaborated on an agritech hackathon to seek innovative solutions to the challenges in the country’s agricultural sector.

The initiative, which includes a venture-building programme, is being delivered by Heave Ventures.

A statement from the partners on Wednesday revealed that the programme included a 48-hour hackathon, a four-week venture-building residency, and a stakeholder conference, after which winners would receive up to N23m in prizes and further exposure to growth opportunities.

Nigeria’s agricultural sector contributes 21.09 per cent to the country’s Gross Domestic Product and employs around 70per cent of the population, according to the National Bureau of Statistics.

FCMB’s Divisional Head, Agribusiness & Non-Oil Exports, Mr Kudzai Gumunyu, said, “This initiative aims to address the perennial pain points in Nigeria and Africa’s agribusiness ecosystems, transforming them into monetised opportunities for innovators.

“We are indeed excited to partner with FMO and Heave Ventures to organise the Agritech Hackathon and Venture Building programme. It is an opportunity for innovators to conceptualise and develop solutions that will bridge some of the identified gaps in the agribusiness ecosystem to herald a new era of efficient agricultural practices for all stakeholders.

“We will continue to champion initiatives that foster inclusive and sustainable growth within communities by building a supportive ecosystem rooted in Africa, connecting people, capital, and markets.”

Technical Assistance Manager at FMO, Martine Sanders, added, “FMO is thrilled to partner with FCMB on this Agritech Hackathon and Venture Building programme. 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.

“This initiative is vital for unlocking finance for MSMEs, promoting sustainable growth, and strengthening the ecosystem. This perfectly aligns with the objectives of NASIRA, the portfolio guarantee and technical assistance programme under which FMO and FCMB have partnered, which is funded by the European Commission. Together with FCMB, we look forward to jointly supporting sustainable development in Nigeria and creating a lasting impact across Nigeria’s agribusiness landscape.”

In addition, the programme will feature a conference that will bring together stakeholders in the agribusiness sector to discuss current and emerging challenges to create solutions that drive productivity in the agribusiness value chain.