AFEX’s 2022 ag-hackathon to drive Africa’s agriculture trade infrastructure
BY ONOME AMUGE
AFEX, Nigeria’s leading commodities exchange, AFEX, is currently running its Code ag-hackathon aimed at empowering innovators to create solutions that enhance the development of the continent’s food and agriculture sector.
The ag-hackathon is the initial activity in the third edition of the annual Code Cash Crop event hosted by AFEX in partnership with other key players in the agriculture, finance and technology sector.
The Code Cash Crop event for 2022, which will feature the grand finale of the ag-hackathon, builds on the success of the two previous events in 2018 and 2019. This year’s event is set to host hundreds of top corporates and entrepreneurs from the focus sectors with panels and discussions on the optimization of trade infrastructure for agriculture on the continent.
Beginning from April 20 to June 1, 2022, the ag-hackathon accepts applications from individuals who are technology, finance, or agriculture enthusiasts.
Having created solutions that have integrated these three sectors, AFEX said it is well-positioned to roll out workable pathways to drive the convergence that will build prosperity alongside creating immense social value.
Bolstered by an existing supply chain infrastructure of over 100 warehouses and digital trading platforms that link investors with producers and processors, the company’s commitment to the agricultural sector and deep industry knowledge will add crucial expertise to this much-needed activity.
Thirty applicants will be shortlisted in the first phase of the ag-hackathon, which will then take place in Kano and Ibadan. The applicants, who will be grouped into teams, will compete for the grand prize of N2.5 million to develop their ideas, in addition to coaching and bonus resources to help them scale their innovations.
The first runner-up would receive a cash prize of N1.5 million while the second runner-up would be rewarded with N1 million.
Yusuf Oguntola, chief technology officer, AFEX, commenting on the initiative, remarked that it is essential to nurture a culture of collaboration and innovation to effectively tackle some of today’s urgent agriculture challenges.
“We are happy to receive ideas that can grow into viable solutions for optimising agriculture trade infrastructure through the participation of the technology, finance, and agriculture sectors,” he said.
Oguntola added that technology will be key in promoting a platform model for agriculture trade that can focus on providing access to logistics, access to advisory services, access to inputs, and access to the market, which are all key to the future of agriculture in Africa.