FCMB and FMO Launch Agritech Hackathon to Boost Innovation in Nigeria’s Agricultural Sector

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First City Monument Bank (FCMB) and the Dutch Entrepreneurial Development Bank (FMO) have partnered to launch an Agritech Hackathon and Venture Building program aimed at driving innovation in Nigeria's agricultural sector. Delivered by Heave Ventures, the initiative seeks to empower startups, entrepreneurs, and innovators to tackle critical challenges such as credit access, infrastructure, and food security.

The program will feature a 48-hour hackathon, followed by a 4-month venture-building residency. Participants will have the opportunity to develop innovative solutions, with the chance to win up to ₦23 million in prizes and gain exposure to further growth opportunities. Applications are open from August 5 to September 5, 2024, at on.fcmb.com/AgricTech-Hackathon.

FCMB’s Divisional Head of Agribusiness & Non-oil Exports, Mr. Kudzai Gumunyu, expressed enthusiasm for the collaboration, stating, "This is an opportunity for innovators to develop solutions that address gaps in the local agribusiness ecosystem, paving the way for more efficient agricultural practices. We are committed to fostering inclusive and sustainable growth by building a supportive ecosystem that connects people, capital, and markets."

FMO’s Technical Assistance Manager, Martine Sanders, highlighted the importance of the initiative, noting, "By empowering early-stage companies through business development services and funding, we aim to foster innovative ideas that address key challenges in Nigeria's agriculture sector. This aligns with the objectives of NASIRA, a program funded by the European Commission, under which FMO and FCMB have partnered to support sustainable development in Nigeria."

The program will culminate in demo days where winners will receive cash grants and other benefits. Additionally, the initiative will include a conference featuring keynote presentations, panel discussions, workshops, and masterclasses, bringing together stakeholders to discuss and address challenges in the agribusiness value chain.

Nigeria's agricultural sector is critical to the economy, contributing 21.09% to the nation’s Gross Domestic Product and employing around 70% of the population. However, the sector faces significant challenges, including limited access to land, inadequate storage facilities, poor market access, and low adoption of modern agricultural technologies. These issues have hindered the sector from reaching its full potential.

In response, FCMB and FMO recently signed a $25 million NASIRA guarantee agreement, funded by the European Commission, to address these challenges. The guarantee will enable FCMB to expand its funding to agricultural, youth, and women-owned SMEs without requiring collateral, targeting a client group often deemed too risky by traditional banks. The Agritech Hackathon is one of the key initiatives resulting from this partnership.