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Business

Nigeria loses N3.5 trillion to post harvest loss annually – Farmcrowdy boss

Nigeria loses N3.5 trillion to post harvest loss every year due to the poor state of roads across the nation.

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Nigeria loses N3.5 trillion to post harvest loss annually - Farmcrowdy boss

Nigeria loses N3.5 trillion to post harvest loss every year due to the lack of proper storage facilities and the poor state of roads across the nation.

This was disclosed recently by the Founder and Chief Executive of Farmcrowdy Limited, Onyeka Akumah, during the fourth anniversary of the Agritech firm.

READ: FG seeking approval from National Assembly for $1.2 billion agric loan

Akumah explained that the loss could be attributed to the inability of the farmers to access proper storage facilities and the poor states of Nigerian roads, which bleeds the Nigerian economy and discourages several farmers.

To address these challenges, the firm has extended its service in agriculture beyond financing into using technology to boost the food value chain, as it launched a new E-commerce platform and its trading and aggregation platform for smallholder farmers.

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He said, “We will focus on the use of technology to build tools and resources that farmers will need to boost food security in the country through 6 business focus.

“These businesses were set up to serve all individuals across the entire agriculture value chain, prioritizing stakeholder access to better yields, lower costs, and smarter marketing.”

READ: Farmcrowdy opens the year with new prices for poultry farm units

They are; Farmcrowdy Structured Finance, Farmcrowdy Insurance, Farmcrowdy Marketing, Farmcrowdy Tech and Data, Farmcrowdy Foods, and Farmcrowdy Aggregation.

It also introduced two major platforms; the Foods E-Commerce platform and the Trader platform (Flagship platform under Farmcrowdy Aggregation).

READ: Farmcrowdy awarded $325,000 equity-free grant from GSMA

Farmcrowdy Foods is set to launch its E-commerce platform where consumers can purchase all their fresh foods and get value for their monies.

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“The Farmcrowdy Trader platform is a one-stop-shop created to provide major processors and international buyers the opportunity to purchase commodities directly from farming clusters and aggregators by optimizing the market access to African farmers and improving their income and boosting their yields,” he added.

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What it means

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The platform is expected to create an atmosphere for greater integration of the value chain through vertical relationships, which improves product flow; thereby, reducing cost, inconveniences, and improving efficiencies through technology.

The trader platform should enable easy farmer’s data profiling, advisory services, procurement, agency banking, insurance, and microcredit for small-holder farmers.

Explore Data on the Nairametrics Research Website

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Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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