Cellulant Holds Inaugural Partner Summit, Aims to unlock the $50bn Agribusiness Opportunity in Nigeria
A worker at an Agrikore marketplace warehouse

Cellulant will this week, host it’s inaugural partner summit that will bring together all key players in the Agriculture and payments sector in Nigeria with the aim of forge a collective strategy towards unlocking the $50bn Agribusiness’ addressable market.

The two-day summit themed “Technology For Transformation: Connecting Everyone to Nigeria’s $50bn Agribusiness Opportunity & Creating Jobs For Africa’s Youth” has brought together global and regional heavy hitters in the Agriculture sector such as Mastercard, Dangote group, The World Bank and Ecobank as well as the movers and shakers of the Agribusiness and finance sectors in Nigeria for a gathering in Lagos.

A Gathering of Key Stakeholders in Agribusiness

This gathering which is geared towards connecting, training, educating, and integrating all key stakeholders in the Agribusiness ecosystem in Nigeria will comprise of experiential training workshops, panels, plenary sessions, fireside chats and keynotes from Cellulant’s co-CEOs Bolaji Akinboro and Ken Njoroge, the SANEF and WEMA Bank CEOs among other key partners in this initiative.

The summit’s agenda seeks to explore and demonstrate the following;

• The potential of technology to transform the Agribusiness
• How payments can accelerate access to financial services
• The agribusiness value chain from local sourcing, processing and retail distribution
• The role of technology in solving supply and demand between different stakeholders.
• The impact of securitization on the growth of the Agric value chain
• Interoperability across the food and retail marketplaces
• Youth job creation within the Agriculture marketplace and payment platforms

Employing 1 Million youth into Agribusiness

This summit is pertinent as it will help Cellulant align all the key players needed to solve the youth employment puzzle. The mission – to create job opportunities for 1 million youth in Nigeria in the next 5 years.

There is an unemployment crisis in Africa yet the youth, who are now the majority have shunned Agriculture with a majority preferring to go to the cities in search of tech-based jobs. By 2035, some 350 million new jobs will be needed, and agriculture, the continent’s biggest industry, could provide the bulk of them. With the average age of an African farmer at 65 years, there is a need to revitalize the Agribusiness sector and create jobs for young people who will determine Africa’s future.

Cellulant’s quest to absorb 1M youth into Agribusiness is primarily to solve the recurrent challenge of produce loss between the farmer and the consumer.

Nigeria loses 32% of the crops produced annually due to a broken value chain and wastage. This translates to 1.3 billion tons per year that can feed 1.6 billion people- yet Africa imports US$35bn of food annually. Compounding this problem is the current employment prospects in the Agribusiness.

Cellulant’s Agrikore, an Agritech Pioneer in Africa

Cellulant is one of Africa’s Agritech pioneers (Agritech is a term used to describe the use of Technology in Agriculture). 7 years ago Cellulant demonstrated the transformative power of technology and the crucial role it would play in the future of Agriculture in Africa to ensure food security and the economic uplifting of farmers not just in Nigeria but in the continent as a whole.

In 2012, Cellulant implemented one of the largest and most impactful Agritech solutions in Africa through the use of a mobile wallet technology.  The GES project has since become Agrikore – Cellulant’s online marketplace for farmers and a blueprint on how technology can be used as a critical enabler to solve many of the challenges experienced in the Agricultural sector.

Agrikore now powers the livelihoods of more than 17 million farmers and allows all key players at the input and production stages to connect to solutions that transform how they do business. Agrikore uses blockchain technology to provide access to markets, digital financial services and opens opportunities for all stakeholders to collaborate better and capture the $50bn market opportunity. 

In July this year, Cellulant’s Agrikore was featured extensively in the State of Digitalisation of Agriculture in Africa 2019 report by CTA (the Technical Centre for Agricultural and Rural Cooperation). According to the report, Africa’s emerging Agritech market is valued at €5.3 billion and Africa netted an estimated $143-million — out of a total addressable market of $2.6-billion in 2018.

If you are an Agriculture Commodity Buyer, Financial Institution, Government entity or NGO with an operations/interest in Africa and would like to get more information on how you can use the Agrikore platform, kindly get in touch with us on [email protected]