In a collaborative effort to accelerate agricultural innovation, Nigeria’s First City Monument Bank (FCMB) and the Dutch Entrepreneurial Development Bank (FMO) have introduced a ₦20 million ($26,000) AgriTech investment initiative aimed at bolstering Nigeria’s startups and small businesses. The FCMB–FMO AgriTech Investment Readiness Programme 2025, developed with advisory firm Heave Ventures, seeks to identify high-potential ventures in agricultural technology while equipping them with tools to scale operations and secure funding.
Applications for the program, open until September 12, 2025, invite Nigerian agritech startups to compete for grants and access a six-week training curriculum. Selected participants will undergo digital learning modules and receive fundability assessments via Zimara, a platform that evaluates ventures using alternative data and performance benchmarks. The top 20 companies will later pitch their solutions to investors during a culminating event in October.
Kudzai Gumunyu, FCMB’s Divisional Head of Agribusiness, emphasized the initiative’s broader vision: “This is about building an ecosystem that connects talent, resources, and markets to unlock agriculture’s transformative potential.” He highlighted the program’s focus on sustainable growth, particularly in a sector critical to Nigeria’s economy, where agriculture employs over a third of the workforce.
Abiodun Lawal, CEO of Heave Ventures, framed the effort as a step toward repositioning Africa within global supply chains. “Agritech innovation can drive job creation, strengthen food security, and elevate the continent as a leader in agricultural exports,” he said. The program aligns with Nigeria’s push to curb food imports, which totaled $17 billion in 2023, by supporting homegrown solutions for farming efficiency, logistics, and market access.
FMO’s involvement underscores international interest in Africa’s agritech sector, which attracted $1.3 billion in venture capital between 2020 and 2023. The Dutch bank, known for financing sustainable enterprises, has previously backed similar initiatives in Kenya and Ghana.
Successful applicants will gain mentorship, exposure to investors, and integration into FCMB’s network of agribusiness stakeholders. While the grant pool is modest, organizers stress that the program’s value lies in long-term capacity-building for startups navigating Nigeria’s complex agricultural landscape.
With applications now accessible online, the initiative reflects widening efforts to bridge the gap between innovation and investment in African agritech—a sector increasingly seen as vital to economic resilience and climate adaptation.
