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AFEX Commodities Exchange, the only private commodity exchange in Nigeria, recently launched the hashtag #CodeCashCrop at the CoCreation Hub in Yaba, Lagos. According to Ayodeji Balogun, Country Manager of AFEX Commodity Exchange, #CodeCashCrop is designed to help participants get practical insights into developing for or investing in agriculture and also “have the invaluable social impact of putting smallholder farmers, who form over 90 percent of the exchange’s aggregation transactions and produce over 80 percent of our national food supply, in the spotlight as an addressable market segment.” The launch followed a workshop hosted by AFEX in Lagos which brought together over 90 corporates and startups in the finance and technology sectors to interact with agriculture entrepreneurs to co-create a functional prototype for collaboration that nurtures the competitiveness of the agribusiness sector. The workshop was organized in partnership with Dalberg Advisors, a globa...

Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) has signed a Memorandum of Understanding (MoU) with RIELA, a German agricultural technology firm, to establish ways of minimising estimated N2.7 trillion annual post-harvest losses in the country. In his speech at the signing ceremony in Abuja recently, Aliyu Abdulhameed, Managing Director of NIRSAL, said the agreement tallies with the organisation’s mandate to ensure sustainable value chain-driven solution in agriculture. Abdulhameed said the partnership would provide increased access to harvest and post-harvest technology equipment, to help farmers at the production level with technology, training, machinery and technical assistance. Quoting the Food and Agriculture Organisation (FAO), he said Nigeria loses over 51.3 million tonnes of food annually to post-harvest losses across agricultural products, describing the development as unacceptable. He said the partnership is a business-driven ...