A Nigerian agric technology company, Thrive Agric, received a $1.75 million co-investment grant from USAID-funded West Africa Trade & Investment Hub (Trade Hub).
The Trade Hub is a USAID-funded initiative to co-invest with the private sector to generate new private investment, create new jobs, and increase the value of regional and international exports in West Africa.
The fund will support 50,000 smallholder women and youth farmers growing rice, maize and soybean, a statement by Trade Hub explained.
The farmers targeted are majorly located in Kaduna, Kebbi and Kano States.
The farmers will receive agronomy advisory services, pre-and post-harvest storage and logistics support, links to credit and agriculture insurance products, and access to the company’s current and future mobile apps.
Aside from this partnership, Thrive Agric says it will raise at least $10 million to fund this support.
“Existing efforts to support smallholder farmers tend to follow traditional approaches to boost their agricultural productivity, such as commercial firms integrating them into value chains through modern inputs,” said Ayodeji Arikawe, Co-Founder and Chief Technology Officer of Thrive Agric.
“We know that most smallholder farmers, particularly women and youth, require more nuanced support to facilitate their participation in markets and, ultimately, increase food security and incomes at the household and national levels.”
“I look forward to seeing the company’s success in using tech solutions to benefit these farmers,” said Michael Clements, Trade Hub’s Chief of Party. “The lessons learned through their tech-savviness can be leveraged to assist future partners seeking innovative avenues to assist stakeholders in the agricultural value chain.”
