Stakeholders at the Business Innovation Facility’ one -day agricultural investment summit held in Abuja on Tuesday have offered numerous solution to various challenges faced by smallholder farmers engaged in agricultural venture across the country.
Umair Ullah, a senior director at Price Water Coopers, said at the investment summit programme that despite numerous problems confronting smallholder farmers in the country, appropriate use of technology in profiling farmers, their products, and the kind of services they offer provide coordination in their businesses.
“Getting the information, and getting devices that enumerate farmers, establish where they are located, the kind of crops they grow, and what sizes they have, could help provide business intelligence to would be investors,” he said.
He added that investors are interested in basic business intelligence about particular crops, farmers, locations to enable them make investment decisions.
“What land size they have, what kind of input they use and need, and provision of all the information that makes the investor make an investment decision is key, and that can mostly come with applying technology in agribusiness.”
“All these address concerns of transaction costs, improves coordination and provide information to investors, and enables finance to grow in agribusiness.
Richard Ough, Head, Economic Development, at the United Kingdom’s Department for International Development, said at the summit that opportunities abound in Nigeria’s agricultural sector despite various concerns of lack of access to credit, famers-herders clashes, and climate change issues.
“Africa has an ever-growing population and they will all need food to eat. All these create huge demands for increased food production. There is need to up food production, to curb significant pressure.
“There are problems of facilitating access to capital to enhance productive lending. Agrotech and fintech companies are coming up to lend such support. However, there is need to find a systemic solution to the issues.”
HARRISON EDEH, ABUJA
