Agriculture accounts for over 30% of employment opportunities in Nigeria and surprisingly contributes more to the nation's GDP than petroleum. In 2018 the agricultural sector accounted for 25% while the oil sector made 8.6% over the same period in the nation's GDP. No doubt the agricultural sector is a valuable contributor to the country's economic growth. Despite its economic contributions to the country, Nigeria still ranks poorly when it comes to global indexes that focus on innovative advances taking place in the agricultural sector. Lack of innovation and poor funding are the major challenges facing the Nigerian agricultural sector.
No doubt, investors are needed in this sector of the economy.
Below is a list of investors who do their best to fund agriculture in Nigeria.
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Doreo partners: they are an investment firm with a record of investing in profitable high-growth and the stage businesses of Nigerian smallholder farmers. Doreo partners believe that the fastest way to create jobs is to invest in a commercial and highly scalable business that improves the profit and livelihood of small-scale farmers. They do this by providing strategic advice to clients and working with other global investors that show interest in the Nigerian agricultural sector. They also joined forces with the farmers to improve productivity.
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The Nigerian incentive system for agricultural lending (NIRSAL). This was launched in 2011 and incorporated in 2013 by the Central Bank of Nigeria. It is a 500 million USD public-private initiative that invests in fixed agricultural value chains. The organisation was created to redefine measure reprise and share agricultural business-related credit risks in Nigeria. They achieve this by stimulating cash flow and investing in the agricultural sector. A key benefit of NIRSAL has increased access to credit, enhanced adoption of better cultural and agronomic practices etc.
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Agrorite: they are a digital agricultural organisation that helps smallholder farmers with finance and smart farming solutions. They do this by liaising with farmers' associations and cooperatives to identify farmers in a community who cultivate the same kind of crops and educate them on the premium off-takers who buy their produce at competitive prices. They also train and provide seedlings, fertilizers, funds and needed machinery for cultivation. https://agrorite.com/about-us
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Bank of agric (BOI). The bank of agriculture provides credit facilities to support rural saving and small and medium enterprises. This funds business is involved in agricultural production or agribusiness or order agro-allied businesses. The Bank of Agriculture is Nigeria's leading agricultural bank. They offer the following types of loans and funding;
Agro-processing facility: this provides funds for the establishment of cottage or urban agro-processing businesses.
Direct credit product: this is available to individuals and organisations
Equipment leasing product: this allows agricultural companies to mechanize some of their processes. Other types of loans and funding offered by the bank of agriculture are; inventor's credit facility, export finance facility, grow and earn more, haulage credit facility etc. Visit the bank of industry's website to get more details. https://boanig.com/#
You might be required to present a business plan before being able to access funds from any of these organizations, here is a guide to making an agricultural business plan.
See also how you can raise funds for your business without having to go through these organizations. https ://smartsmssolutions.com/blog/118-sms-marketing/small-business/1722-how-to-raise-funds-to-start-my-business
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