Nigeria, in recent years, has seen an increase in the number of companies addressing challenges in the agriculture sector with technology. With this growth, Nigeria has become one of the most vibrant agritech markets in Sub-Saharan Africa as the market continues to attract funders and support organisations from across the globe.
Today several agritech firms such as Farmcrowdy, Thrive Agric, AgroMall, Hello Tractor, and Crop2Cash, among others, are offering innovative digital solutions to address Nigeria’s agriculture problems. These companies have launched digital solutions that aim to improve farmers’ access to markets, finance, assets, and actionable data-driven information
However, investments in this segment are still very low as investors are shying away from agritech due to the perceived risk of investing in agriculture and the opportunity cost compared to other sectors. While some of the agritech startups have attracted commercial investments and benefitted from grant funding, many of these firms are yet to get the needed impetus to scale.
Amidst the paucity of funds in the sector, these agritech startups secured significant funding in the amount of $84.05 combined for the period in review
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