Olufemi Adeyemi


In a collaborative effort to foster innovation within Nigeria’s agricultural sector, First City Monument Bank (FCMB) and the Dutch Entrepreneurial Development Bank (FMO) announced the launch of an Agritech Hackathon and Venture Building program. This initiative, facilitated by Heave Ventures, seeks to engage startups, entrepreneurs, and innovators in developing solutions that address critical challenges such as credit accessibility, infrastructure deficiencies, and food security.

The program encompasses a comprehensive 48-hour hackathon, a 4-week venture-building residency, and a stakeholder conference. Participants who demonstrate exceptional performance will be rewarded with prizes totaling up to ₦23 million, along with opportunities for further exposure and growth.

Applications for this program are now being accepted through the official website on.fcmb.com/AgricTech-Hackathon. The application period will commence on August 5th and conclude on September 5th.

In reference to the program, Mr. Kudzai Gumunyu, the Divisional Head of Agribusiness and Non-Oil Exports at FCMB, stated that this initiative seeks to tackle the persistent challenges within Nigeria and Africa’s agribusiness ecosystems, transforming them into lucrative 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.”

The agritech hackathon and venture-building program will conclude with demo days, where the winning teams will receive cash grants and other valuable benefits.

Martine Sanders, Technical Assistance Manager at FMO, expressed her enthusiasm for the partnership with FCMB on this Agritech Hackathon and Venture Building program. She emphasized FMO’s commitment to empowering early-stage companies through business development services and funding. The goal is to cultivate innovative ideas that effectively address critical challenges within the agricultural sector, which holds strategic importance 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. The conference will have keynote presentations, panel discussions, workshops, and masterclasses.”

Nigeria’s agricultural industry contributes a significant 21.09% to the nation’s GDP and provides employment opportunities for approximately 70% of the population.

However, despite its crucial role, the sector encounters various challenges that hinder its potential for growth and development. These challenges include limited access to land resources, over-reliance on rain-dependent irrigation systems, inadequate storage infrastructure, poor market connectivity, and low adoption of advanced agricultural technologies.

Consequently, these factors result in reduced crop yields and substantial post-harvest losses, preventing the sector from realizing its full potential and contributing more effectively to the nation’s economy.

Recently, FCMB and FMO entered into a $25 million NASIRA guarantee agreement to address these challenges. This guarantee, funded by the European Commission, will allow FCMB to increase its funding to SMEs in the agricultural, youth, and women-owned sectors without requiring collateral. This initiative targets a client group that banks typically consider too risky. Furthermore, FCMB and FMO organized a Hackathon as part of their partnership’s benefits.