Nigeria's leading finance and market intelligence news report.

Viable X creates virtual market for agro commodities

…6,000 agripreneurs registered

In line with the newly launched Agriculture for Food and Job Plan (AFJP) by the Federal Government, Viable X has created a virtual market for trading farm produce and facilitates export financing for commodities. 

Since its unveiling two months ago, 6,000 farmers have registered in the virtual marketplace.

Also, the Viable X platform which is licensed by the National Export Promotion Council (NEPC)-licensed offers farmers instant loan.

Taking an assessment of critical issues in the agricultural sector, Adama J. Adama, chief executive officer, Viable X noted that a sustainable intervention by the private sector is critical in helping the government reposition the country’s economic growth post-COVID-19 pandemic.

Adama has been an initiator of game-changing agriculture initiatives since the debut of his first initiative Farm4Me -a Nigerian premium agribusiness outfit that successfully pioneered contract farming in the country since 2019.

“The platform was created to change the face of agribusiness in Nigeria. The level of patronage has been very encouraging with a record of over 6, 000 members enrolling on the Viable X platform in less than two months,” he said.

“The impact is seen in the volume of transactions on our platform exceeding N100million. Our analytics show that export financing has attracted the highest patronage,” he further said.

“For us, this is a pointer to the critical impact of the agricultural sector in helping to reposition the Nigerian economy following the harsh onslaught of COVID19 pandemic,” he added.

Taking into cognisance the lingering problems limiting productivity in the sector, Adama said that the platform safeguards investors funds with goods-in-transit and marine insurance policies from insurance companies.

“With the track records of full investment dividends to Farm4Me investors, 50percent return on investment (ROI) in four months is a bankable promise for Viable X Export Financing Investors,” he said.

According to him, the growth in the sector rests squarely on the Micro, Small and Medium Scale (MSMEs) across the value chain.

He explained how Viable X support SMEs through the provision of collateral-free loans, ranging from N50, 000 to N200, 000 for smallholder farmers, saying that the intervention is turning around the fortunes of farmers in the country.

He noted that all farmers require to access a collateral-free loan from his organisation is three guarantors and credit history verification from a credit bureau.

“Agriculture is a money-spinner. We are exploring innovative ways to make it attractive to Nigerians, especially, graduates,” Adama said.

“By 2030, Nigerians will now see beyond Oil and Gas and see agriculture as a viable alternative through our success story,” he added.

Whatsapp mobile

Get real time updates directly on you device, subscribe now.