Nigeria-based agritech startup, ThriveAgric, has announced a significant investment of over $100 million towards empowering 514,000 small scale farmers in Africa and scaling food production. The company’s achievements were highlighted in its recently released 2022 Impact Report, which showcased its use of proprietary technology and strategic partnerships with governments and global institutions to drive agricultural advancements.
ThriveAgric’s groundbreaking efforts in bolstering food production were made possible through collaborations with esteemed organizations such as the Ghana Commodity Exchange (GCX), Promasidor (Kenya) Limited, VISA, and OCP Africa. These partnerships played a pivotal role in expanding the company’s operations beyond Nigeria, reaching neighboring countries like Ghana and Kenya in East Africa. In 2022, ThriveAgric successfully launched pilot operations in five regions of Ghana and six counties in Kenya.
The Impact Report further revealed that the empowered farmers, supported by ThriveAgric, collectively produced over 1.5 million metric tonnes of grains. Additionally, the company celebrated a remarkable 153.3% year-on-year increase in the number of women positively impacted by its initiatives, underscoring its commitment to fostering gender equality within the agricultural sector.
Samirah Bello, the Partnership Lead at ThriveAgric, emphasized the crucial role of strategic partnerships in the company’s achievements. Bello stated, “At ThriveAgric, we remain committed as an impact-driven and customer-focused company. Through our strategic partnerships, we have been able to accelerate impact and reach meaningful milestones while tackling barriers confronting smallholder farmers in their day-to-day business.”
Uka Eje, CEO and co-founder of ThriveAgric, highlighted the social benefits derived from the company’s efforts, including poverty reduction and improved gender equality. Eje stated, “Smallholder farmers that work with ThriveAgric produce double the national average yields due to access to better quality seeds, fertilizers, and equipment.” He further reaffirmed ThriveAgric’s multifaceted approach, emphasizing collaboration, increased investment, technology adoption, and sustainable agricultural practices as the driving forces behind the company’s success.
Access to funding remains a significant challenge for small scale farmers across Africa, with an estimated annual financing gap of approximately $100 billion, according to the Africa Development Bank (AfDB). ThriveAgric aims to bridge this gap by providing input financing, data-led advisory services to improve output, enhancing supply chain efficiency, and encouraging sustainable agricultural practices. The company’s ultimate goal is to build a network of profitable smallholder farmers and contribute to a food-secure Africa.
Looking ahead, ThriveAgric has ambitious expansion plans aligned with its Theory of Change outlined in the Impact Report. The company aims to provide $500 million in credit to 10 million smallholder farmers across Nigeria, Ghana, and Kenya by 2027. Furthermore, ThriveAgric plans to double this outcome by 2050. The company is actively seeking partnerships with organizations that can leverage its Agricultural Operating Software (AOS) to provide access to loans for farmers. To address the projected rise in food insecurity, it is also in the company’s plan to expand into Tanzania, Egypt, and Zambia.
As the need for sustainable food production and security continues to grow, ThriveAgric remains at the forefront of transforming Africa’s agricultural landscape. Through its innovative approach, strategic partnerships, and impactful investments, the company is making significant strides in empowering smallholder farmers, improving livelihoods, and building a brighter future for the continent.