ThriveAgric, an agritech startup based in Nigeria, has made a substantial investment of over $100 million to empower 514,000 smallholder farmers across Africa and facilitate the expansion of food production. This remarkable feat was highlighted in the company's recently published 2022 Impact Report. ThriveAgric accomplished these significant milestones by harnessing its advanced technology and establishing strategic partnerships with various governments and global institutions, including the Ghana Commodity Exchange (GCX), Promasidor (Kenya) Limited, VISA, and OCP Africa.
With a steadfast commitment to creating the largest network of profitable farmers and propelling a self-sufficient Africa, ThriveAgric extended its operations to neighboring countries such as Ghana and Kenya in East Africa during the year 2022. Furthermore, the company successfully initiated pilot projects in five regions of Ghana and six counties in Kenya.
According to the company's impact report, the empowered farmers collectively achieved a remarkable production output of over 1.5 million metric tonnes of grains. Additionally, ThriveAgric recorded an impressive year-on-year increase of 153.3% in the number of women who benefitted from its initiatives.
COLLABORATIVE PARTNERSHIPS BY ThriveAgric
Highlighting the company's accomplishments accomplished by forming strategic alliances, Samirah Bello, the Partnership Lead at ThriveAgric, expressed that the company's achievements were made possible through effective collaborations.
“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. This report is an expansion of our 2017–2021 impact report, and we are proud to say that we have built a tech-driven agricultural enterprise that will eventually help feed both Africa, and the rest of the world.”
Commenting on the societal implications, Uka Eje, the CEO and co-founder of ThriveAgric, conveyed:
"Alongside the positive social outcomes like poverty alleviation and enhanced gender equality, small-scale farmers partnered with ThriveAgric achieve yields twice as high as the national average, primarily attributed to improved access to high-quality seeds, fertilizers, and equipment. At ThriveAgric, we are committed to employing a comprehensive approach encompassing collaboration among diverse stakeholders, amplified investments, technology integration, and sustainable farming practices. Our impact report for 2022 serves as compelling evidence that we are making significant progress in the right direction."
The lack of access to funding remains a formidable obstacle for smallholder farmers in Africa. The Africa Development Bank (AfDB) has highlighted that agri-SMEs in the continent suffer from a significant financing gap, estimated to be around $100 billion annually. In response to this challenge, ThriveAgric has taken proactive measures to bridge this gap and support smallholder farmers. The company achieves this by providing input financing, offering data-driven advisory services to enhance agricultural output, optimizing supply chain efficiency, and promoting sustainable farming practices. These initiatives contribute to the company's overarching goal of establishing a network of profitable smallholder farmers and fostering food security in Africa.
PLANS FOR GROWTH AND EXPANSION
In line with its Theory of Change outlined in the impact report, ThriveAgric has ambitious expansion plans. By the year 2027, the company aims to provide $500 million in credit to 10 million smallholder farmers across Nigeria, Ghana, and Kenya. Furthermore, ThriveAgric envisions doubling these outcomes by 2050. To facilitate these goals, the company is actively collaborating with organizations that utilize its Agricultural Operating Software (AOS) to grant loans to their farmers. Partnerships with such organizations are currently underway. Recognizing the projected increase in food insecurity, with the UN estimating a record 310 million Africans affected by 2030, ThriveAgric has strategic expansion plans into Tanzania, Egypt, and Zambia to mitigate potential impacts and address the pressing need for food security.