First City Monument Bank (FCMB) and the Dutch Entrepreneurial Development Bank (FMO) are joining forces to ignite innovation in Nigeria's agricultural sector through an Agritech Hackathon and Venture Building programme. The initiative, delivered by Heave Ventures, invites startups, entrepreneurs, and innovators to develop solutions for challenges like credit access, infrastructure, and food security.

The programme includes a 48-hour hackathon, a 4-week venture-building residency, and a stakeholder conference. Winners will receive up to ₦23 millionin prizes and further exposure to growth opportunities. Applications for the programme are now open aton.fcmb.com/AgricTech-Hackathonand will runfrom August 5 to September 5.

Commenting on the programme, FCMB's Divisional Head, Agribusiness & Non-Oil Exports, Mr Kudzai Gumunyu, said:

˜This initiative aims to address the perennial pain points in Nigeria and Africas 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".

The agritech hackathon and venture-building programme will end with demo days where winners will be rewarded with 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 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. The conference will have 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 have resulted in low yields and post-harvest losses, hindering the sector from reaching its full potential.

FCMB and FMO recently signed a $25 million NASIRA guarantee agreement to checkmate these challenges. Funded by the European Commission, the guarantee will enable FCMB to expand its funding to agricultural, youth, and women-owned SMEs without requiring collateral, targeting a client group typically deemed too risky by banks. The FCMB and FMO organised a Hackathon, which is one of the benefits of the partnership between both institutions.

About First City Monument Bank (FCMB)

First City Monument Bank (FCMB) is a member of FCMB Group Plc.Committed to fostering inclusive and sustainable growth,FCMB builds a supportive ecosystem rooted in Africa (primarily Nigeria) that connects people,capital,and markets.

About Dutch Entrepreneurial Development Bank (FMO)

FMO is the Dutch entrepreneurial development bank. Its mission is to enable entrepreneurs to increase inclusive and sustainable prosperity.

Heave Ventures

Heave Ventures works with individuals and organisations to apply problem-solving methodologies and technology innovation for growth. It provides advisory services that range from facilitating ideation, design thinking, and managing ideas backlog to product development cycles and ecosystem development.