First City Monument Bank (FCMB) and the Dutch Entrepreneurial Development Bank (FMO) have partnered to spark innovation in Nigeria’s agricultural sector through an Agritech Hackathon and Venture Building programme. Delivered by Heave Ventures, this initiative invites startups, entrepreneurs, and innovators to tackle challenges such as credit access, infrastructure, and food security.
The programme features a 48-hour hackathon, a 4-week venture-building residency, and a stakeholder conference. Winners will receive up to N23 million in prizes and gain access to further growth opportunities. Applications are open from August 5 to September 5 at on.fcmb.com/AgricTech-Hackathon.
Commenting on the initiative, FCMB’s Divisional Head of Agribusiness & Non-Oil Exports, Mr. Kudzai Gumunyu, stated: “This initiative aims to address the persistent challenges in Nigeria and Africa’s agribusiness ecosystems, transforming them into monetized opportunities for innovators. We are thrilled to partner with FMO and Heave Ventures to organize the Agritech Hackathon and Venture Building programme. It offers innovators a chance to develop solutions that bridge gaps in the agribusiness ecosystem, ushering in a new era of efficient agricultural practices for all stakeholders. We remain committed to fostering inclusive and sustainable growth by building a supportive ecosystem rooted in Africa, connecting people, capital, and markets.”
The agritech hackathon and venture-building programme will culminate in demo days where winners will be awarded cash grants and other benefits.
Martine Sanders, Technical Assistance Manager at FMO, added: “FMO is excited to collaborate with FCMB on this Agritech Hackathon and Venture Building programme. By empowering early-stage companies with business development services and funding, we aim to foster innovative ideas addressing key challenges in agriculture, a strategic sector in Nigeria.
This initiative is crucial for unlocking finance for MSMEs, promoting sustainable growth, and strengthening the ecosystem. It aligns perfectly with the objectives of NASIRA, the portfolio guarantee and technical assistance programme under which FMO and FCMB have partnered, funded by the European Commission. Together with FCMB, we look forward to supporting sustainable development in Nigeria and creating a lasting impact across Nigeria’s agribusiness landscape.”
Additionally, the programme will include a conference bringing together stakeholders in the agribusiness sector to discuss current and emerging challenges and devise solutions to enhance productivity in the agribusiness value chain. The conference will feature keynote presentations, panel discussions, workshops, and masterclasses.
Nigeria’s agricultural sector contributes 21.09% to the nation’s Gross Domestic Product and employs around 70% of the population. Despite its critical importance, the sector faces numerous challenges, such as limited access to land, over-reliance on rain-fed irrigation, inadequate storage facilities, poor market access, and low adoption of modern agricultural technologies. These challenges have resulted in low yields and post-harvest losses, hindering 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 enable FCMB to extend funding to agricultural, youth, and women-owned SMEs without requiring 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.