• Saturday, December 02, 2023
businessday logo


GAIN partners others to host Agribusiness Innovation Challenge

Nigeria’s agric investment rises 175% in first three months

The Global Alliance for Improved Nutrition (GAIN), a Swiss-based foundation, has partnered with four innovation hubs in Nigeria to implement the Agribusiness Innovation Challenge to support the holistic development of Nigeria’s Agricultural sector.

Applications are open in Oyo State until October 3, 2022, and entrepreneurs are invited to apply. Participants that get selected to participate in the Challenge will be notified by October 6, 2022 and must confirm their participation by October 8, 2022.

GAIN was launched at the United Nations in 2002 to tackle the human suffering caused by malnutrition.

Working with governments, businesses and civil society, GAIN aims to transform food systems so that they deliver more nutritious foods for all people, especially the most vulnerable.

The Challenge seeks to support women and youth-led Agri-tech start-ups with supply chain innovations to apply for the first edition of this Agribusiness Innovation Challenge, which will be implemented in Oyo State.

The Agribusiness Innovation Challenge competition culminates in an award day where finalists battle for N5,000,000 in zero-equity prize money.

Read also: The U.S. Consulate General partners Nigerian government on cybersecurity

While there will be only one 1st prize winner, the other finalists also get to pitch to a room full of potential international investors and can win potential cash prizes.

Impact Hub Lagos, whose collective goal is the development of businesses leveraging technology, will provide technical assistance training to women and youth-led start-ups to strengthen their capacity, improve their access to financial services, and develop their business concepts leveraging innovation to improve supply chain efficiency.

The agricultural sector remains the largest employer in Nigeria, employing more than 36 percent of the labour force and accounting for 22.35 percent of the Gross Domestic Product in Q1 2021.

With 82 million hectares of arable land, only 34 million hectares cultivated, and the country’s growing population, agriculture is increasingly becoming important as a source of consumer and industrial demand.