Technology key to transforming agric, says Cellulant CEO
TECHNOLOGY is a critical enabler to solve many of the challenges in the agricultural sector, the Co-chief Executive Officer, Cellulant Corporation, Mr Bolaji Akinboro, has said.
“Agriculture is enough to create wealth for Nigerians but needs to be properly structured for its potential to be fully realised,” Akinboro was quoted as saying at the firm’s inaugural partners’ summit in lagos.
According a statement, the event, themed ‘Technology for transformation: Connecting everyone to Nigeria’s $50bn agribusiness opportunity and creating jobs for Africa’s youth’, was attended by critical stakeholders in the agribusiness ecosystem including farmers, aggregators and retailers.
Akinboro, in his presentation, titled ‘From farm to fork: Transforming the agribusiness in Nigeria through technology’, said the country’s agric-value chain needed to be fixed. to
he said the consumption of food, the end-product of most agricultural activities in the country, was worth about $100m daily and between $36bn and $50bn annually, opening up a stream of opportunities in under-explored areas of agric logistics, food processing and tailored payment systems.
he said Cellulant had improved the agriculture value chain with its payment platform, Tingg and Agrikore, built on blockchain technology.
he said, “We are not just a fintech company; we have the technology and operations via Agrikore. When you combine technology and operations, you can change the world. We are providing technology that makes life better for everyone: Nigerians and Africans. We are the ones that can bring in the change.
“Technology is a critical enabler to solve many of the challenges experienced in the agric sector. In the last 15 years, Cellulant has actively contributed to connecting all key stakeholders in the value chain, who in the past never interacted with each other.
“Today, the business has built a marketplace and payment platform that provides access to markets, digital financial services, and opens opportunities for all stakeholders to collaborate better and capture the $50bn market opportunity.”
Also speaking at the event, Managing Director/ Chief Executive Officer, Wema Bank Plc, Mr Ademola Adebise, reiterated the importance of cooperation among all stakeholders in the agric value chain.
According to him, the challenges are low level of budgetary allocation, low financial literacy, a large percentage of unbanked population and limited capacity of financial institution to understand the value-chain.
Adebise said the bank would continue to partner Cellulant to improve agriculture in the country.