By Onome Amuge
The African Development Bank (AfDB) has selected 25 finalists including four Nigerian agriculture based startups for its annual AgriPitch competition, which aims to support and promote innovation and entrepreneurship in the agricultural sector across Africa.
The four Nigerian startups among the 25 selected agripreneurs include Duketrah Fisheries, Agrisiti,Osomobegbe Global Ventures Limited,and Solaristique Nigeria Limited.
A statement issued by the multilateral development finance institution in collaboration with the implementing lead private equity support and partner organisations Eldohub and the Private Finance Advisory Network, said the finalists will be awarded $140,000 dollars in grants and business skills training.
According to the statement dated January 10,2023, the 25 finalists were chosen by a panel of experts and investors based on their innovative ideas and their potential to drive growth and development in the agricultural sector.
Thirteen of the finalists are from francophone countries, while the other 12 are from anglophone countries, and their ideas cover a wide range of areas, including precision farming, agtech, and sustainable food production, the statement noted.
Edson Mpyisi, chief financial economist and ENABLE Youth coordinator, AfDB, remarked that the finalists,aged between 18 to 35 , showed potential and innovation that existed in Africa.
“These young agripreneurs show great potential and are a testament to the level of innovation that exists across Africa.
“The bank’s support, through the AgriPitch Competition, will boost the bankability of these projects and provide a tangible step toward enhancing agribusiness and food security on the continent,” Mpyisi said.
On her part, Diana Gichaga, managing partner at Private Equity Support noted that the programme was to evaluate potential in the agriculture sector from across the region.
“It’s reassuring to see and evaluate hundreds of great potential investment opportunities from across the region.
“It reaffirms the crucial role that the agricultural sector plays in the African economy and the continued efforts to bring these initiatives to the fore through platforms such as the AgriPitch Competition,” Gichaga said.
Prior to the selection, the competition, which is in its second year, received over 1,000 applications from entrepreneurs and startups from across the continent, all vying for a share of the $140,000 prize money on offer.
The finalists are expected to pitch their business plans to potential investors in the AgriPitch deal room and be eligible for one-on-one mentorship, as well as access to post-competition digital expertise with the requisite tools and knowledge to bolster their investor readiness and financial management and help them pitch bankable business proposals.
