By: Kola Sodiq
The first Digital Agriculture platform, Farmcrowdy has been reshaping the way in which people participate in farming and food production. Farmcrowdy with focus on giving people the opportunity to invest in Agriculture recently celebrated its first year of launching in Nigeria.
Through the use of online platform, they have been able to source funds from sponsors, whose money is used to secure land, plant crops and meet funding needs to boost food production with small-scale farmers.
Sponsors can expect returns after harvest of 6-25% between 3-9 month periods depending on what farm type they choose. The initiative that started from a single farmland in Oyo state with about 5000 day-old chicks, now boasts of more than 4000 farmers across eight states of the federation.
Speaking at the venue in Lagos, Onyeka Akumah, the Chief Executive (CEO) and co-founder of farmcrowdy, states that the idea is to use its platform to attract funds from sponsors who cannot do the farming themselves and to connect farmers with sponsors, thereby increase the number of lives impacted by the partnership.
According to him lots of people have benefited from this App; about 1600 people have been impacted in Akwa-Ibom and about 1000 women trained on how to plant cassava in the state. He also assured investors of a viable partnership with Leadway insurance.
‘’ A part of the agreement covers insurance of farms and the farmer. You cannot totally have control over everything that happens in agriculture but we try our best and also pray.
He furthered that the sharing formula is quite simple as investors and farmers come first. The total income of the harvest is shared by 40-40-20. Investors get 40% while farmers 40% and the other 20% is for Farmcrowdy.
On his part, a former Managing Director of Bank of Industry (BOL), Mr. Rasheed Olaoluwa urged the Federal Government to grant tax incentives to emerging sectors such as agro-tech platforms to encourage their pioneering role in developing the agriculture sector.
Olaoluwa also mentioned that using technology to drive agriculture will enable the country to amend linkages between farmers and processors, boost of food production and enhance government’s strategic agenda.