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2019 AGRICULTURAL SECTOR OVERVIEW – INDUSTRIAL DISRUPTIONS

January 20, 2020

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It is no news that technology has invaded every sphere of human endeavor. Businesses have adapted to this change quite rapidly by adopting new technology in improving service delivery. Interestingly, the agricultural sector is not left out in this evolving change. In 2019, some of the trends in technology impacting businesses range from Artificial Intelligence to Machine Learning and from data analytics to the Internet of Things. Agriculture was not left out in all of these. In fact, Digitization in Agriculture often referred to as AgTech is one of the fastest-growing industries in the world worth billions of dollars in value.

In Nigeria, new AgTech solutions evolving in the industry in 2019 were marketplace connectivity solutions for farmers. Such solutions include Binkabi; decentralize commodity trading and allow farmers to deposit harvested commodities at an accredited warehouse to allow for competitive pricing. Livestock247 further evolved in the year to provide sales of affordable and fit-for-slaughtered ruminant animals using their animal tracking technology with a team of veterinary professionals spread across the country. Other solutions include Farmcrowdy, agrecourse, growsel, releaf, GroupFarma ThriveAgric; a leading AgriTech company in Nigeria and have used crowdfunding and innovative technology solutions to create an end-to-end solution for farmers to sustainably carry out production while also linking them with off-takers at harvest. Today there are several crowdfunding companies as earlier mentioned involved in agricultural investments across the country. Farmgate a subsidiary of farm crowdy has been on-boarded.

More so, innovative solutions that have revolutionized Mechanization and payment systems via Technology for farmers were further developed in the year. These products included; Hellotractor, innovative technology solution for tractor which is fast changing the narrative of mechanization in Africa and is rapidly increasing farmers access to mechanization services, MasterCard; Cellulant which has provided a payment infrastructure and ecosystem which gives governments, donors, corporate businesses, merchants, retailers, agents, and consumers access to payment instruments (cards, bank accounts, wallets & premium rated short-codes), stores of value (banks, mobile money accounts & prepaid cards/tokens), and payment channels (agents, apps, web portals & payment APIs for shopping cart checkout). Others include Amolexis, Emolosis.

Other evolving innovative solutions are market linkage solutions to enhance trade and connect farmers, traders, and sellers to the final consumer of agricultural produce. Thes include agriple, agro partnerships and more other.

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