The case of agri-tech entrepreneurs
The agri-tech subsector holds immense potential to reshape Nigerian agriculture, boosting productivity while reducing environmental and social costs. As we face the challenge of producing more food sustainably in the next four decades, agri-tech innovations become crucial. Nigeria can overcome these monumental challenges, but it will require sustained attention, significant investment, and support systems for agri-tech entrepreneurs to foster innovation.
Raising awareness of the productivity and sustainability issues within the food system is essential to inspire entrepreneurs to enter the field. Nigeria needs to double or triple its agricultural productivity to meet demand and address food and nutrition insecurity. However, the sector faces additional challenges due to climate change uncertainties, land disputes, water shortages, floods, and resource (including capital) constraints.
These challenges present numerous opportunities for innovation across the entire value chain, from inputs and production to transport, processing, markets, distribution, storage, and waste management. Visionary entrepreneurs can tackle societal issues while capturing economic value through agri-tech products and processes.
In addition to awareness, Nigeria must find ways to increase investment in agritech. Despite being one of the world’s largest economic sectors and the country’s biggest employer, the agricultural sector has seen relatively little investment in agritech compared to industries like energy and telecommunications.
Venture capital firms are witnessing a high demand for funding from agri-tech startups, surpassing available capital. It is crucial for investors to recognise the market potential and the urgent societal need for agricultural innovation, leading to substantial investments in this emerging field.
To accelerate innovation, I once proposed the establishment of regional or state-level agri-tech entrepreneur support systems at a national agricultural conference. Nigeria boasts of excellent growing conditions and abundant natural resources, positioning it as a potential global agricultural hub. By leveraging our collective resources, we can establish a regional competitive advantage in agritech development. Developing state-bystate agri-tech entrepreneurial support systems will yield immense benefits for Nigeria and serve as a model for agricultural communities worldwide.
The fate of our economy and society rests on our ability to produce enough food efficiently and sustainably. Therefore, sustainably increasing food and agricultural production in Nigeria is one of the monumental challenges we face. While many actors are involved in this agricultural revolution, entrepreneurs play a vital role in promoting innovation and investment in agri-tech.
Agri-tech entrepreneurs are the individuals or groups who leverage technology, innovation, and digital solutions to address challenges and drive advancements in agriculture. They focus on developing and implementing technological solutions to enhance productivity, sustainability, and efficiency in the entire agricultural value chain. They often introduce novel ideas, such as precision farming, vertical farming, drone technology, IoT applications, data analytics, and farm management software.
On the other hand, traditional agribusinesses encompass a wide range of agricultural activities, including farming, livestock production, food processing, and distribution. They follow established business models and practices, utilising conventional methods and technologies. These businesses are crucial for food production and supply chain management, ensuring a steady flow of agricultural products to consumers.
Agri-tech entrepreneurs and traditional agribusinesses serve distinct roles within the agricultural sector, and both are important for its development. However, agri-tech entrepreneurs are at the forefront of innovation, bringing disruptive technologies and ideas to transform the agricultural sector. Their solutions have the potential to revolutionise traditional farming practices, overcome resource constraints, and tackle productivity and sustainability challenges.
While traditional agribusinesses have the resources, infrastructure, and expertise to manage large-scale farming operations, processing facilities, and distribution networks, agri-tech entrepreneurs often create platforms and digital tools that improve market access for farmers, connect them directly with consumers, and enhance transparency in the supply chain. These innovations empower farmers, eliminate intermediaries, and enable fairer pricing and increased profitability.
Also, traditional agribusinesses often have extensive experience and knowledge specific to local farming practices, which can be valuable for maintaining agricultural traditions and supporting rural economies. However, by harnessing technology, agri-tech entrepreneurs can significantly enhance agricultural productivity, optimise resource utilization, streamline processes, and reduce waste. These improvements are vital to meet the growing global food demand sustainably.
While traditional agribusinesses continue to be crucial for food production, agri-tech entrepreneurs are needed more than ever due to the challenges and opportunities presented by the modern agricultural landscape. Their ability to introduce innovative technologies, sustainable practices, and transformative solutions is essential for addressing productivity gaps, promoting sustainability, and driving the agricultural sector forward in the face of emerging global challenges.
Agri-tech entrepreneurs are the individuals or groups who leverage technology, innovation, and digital solutions to address challenges and drive advancements in agriculture. They focus on developing and implementing technological solutions to enhance productivity, sustainability, and efficiency in the entire agricultural value chain