Farmers’group to boost agricultural funding through tech

The Nigerian Farmers Group and Cooperative Society (NFGCS) has introduced a blockchain technology, Agbatoken, to revolutionise agricultural funding in the country and boost food security.

The Agbatoken initiative is a brainchild of Agbadorevolution Technologies Ltd in partnership with Ahoiza Technologies.

Managing Director and Chief Executive Officer of NFGCS Ltd, Retson Tedheke, described Agbatoken as a form of tokenization in agriculture, seamlessly integrating productivity, efficiency, security, transparency, and cost-effectiveness to enhance the operational capabilities of agribusiness firms.

Speaking during a press conference held at the NFGCS Farm Estate in Keffi, Nasarawa State, Tedheke explained that Agbatoken involves the digitization of real-world assets such as crops, livestock, infrastructure and land, transforming them into encrypted tokens traded on the blockchain.

These tokens, according to him, can be bought, sold or traded, offering farmers a unique opportunity to raise capital by selling shares of their assets.

“This innovative financial approach empowers farmers to secure funds without relinquishing ownership, providing a viable solution to their financial needs.

“Blockchain technology is becoming integral to the agricultural supply chain. With the increasing demand for food security, substantial investments in food production, and a call for transparency in agricultural investments, leveraging blockchain has become imperative.

“The blockchain in the agriculture and food supply chain market, valued at $285 million in 2022, is projected to reach an astonishing $7.3 billion by 2031. This remarkable growth is stimulating for blockchain proponents,” Tedheke said.