First City Monument Bank and Dutch Development Bank have launched a N20 million investment program targeting Nigeria’s most promising agricultural technology startups and small enterprises.
The AgriTech Investment Readiness Programme represents a strategic partnership between FCMB, FMO, and Heave Ventures, designed to enhance capital access while fostering scalability among innovative agribusiness ventures. This initiative addresses the critical financing gap affecting agricultural technology adoption across Nigeria’s farming communities.
Divisional Head of Agribusiness & Non-Oil Exports at FCMB, Kudzai Gumunyu, emphasized the program’s comprehensive approach beyond traditional funding. “This initiative reflects our mission to drive inclusive and sustainable growth through an African-rooted ecosystem connecting people, capital and markets,” he explained during the program announcement.
The competitive grant structure will award funding to ventures demonstrating strong investment readiness and scalable business models. Selected startups will receive technical assistance, mentorship, and direct access to international development finance institutions seeking profitable agricultural investments in emerging markets.
Heave Ventures CEO Abiodun Lawal highlighted agriculture’s transformative potential for economic development. “Scaling agribusiness innovation can revitalize entire value chains from production to processing to export, creating millions of decent jobs and boosting foreign exchange earnings,” he stated, emphasizing agriculture’s role in achieving food sovereignty.
Nigeria’s agricultural sector employs over 70 percent of the rural population but faces persistent productivity challenges including limited technology adoption, inadequate financing, and insufficient processing infrastructure. The program specifically targets these constraints through innovative financing mechanisms and technical capacity building.
The initiative aligns with government priorities for agricultural transformation and economic diversification away from oil dependency. Recent policy reforms have created favorable conditions for agribusiness investments, including improved foreign exchange access and streamlined import procedures for agricultural equipment.
Participating startups will undergo rigorous evaluation processes focusing on market viability, social impact, and environmental sustainability. The program expects to support approximately 50 ventures during its initial phase, with successful participants gaining access to follow-on funding opportunities from international development partners.
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