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Tuesday, 15 May 2018

UK-based Nigerians invest in Agritech firm

Agritech company Farmcrowdy enables British Nigerians to invest in chicken, maize and cassava farms, from more than 3,000 miles away, via their mobile phones . Farmcrowdy hopes to have 50,000 farmers by 2020. UK-based Nigerians are investing in Nigeria’s booming agricultural sector from the comfort of their homes thanks to agritech platform, Farmcrowdy. The company, launched in Nigeria in 2016, currently boasts of 10,000 acres and 7,000 signed up farmers across nine states, in Africa’s most populous country. To-date, the platform has amassed an active sponsor base totalling over 1,000 sponsors, and total investments from outside of Nigeria in excess of £1,620,000 with a growing number of sponsors located in the UK, thanks to the Diaspora’s strong connections to Nigeria. Britain is the fourth largest source of remittance in the world with Nigeria receiving approximately £4 billion in remittances annually. Onyeka Akumah, CEO and co-founder says, "With the current climate of economic uncertainty surrounding the UK with the likes of Brexit for example, we feel it is important that options and alternative means of investment are made available. The UK is home to over 1 million Nigerians, and with a multi-million pound remittance market, Nigerians living in the Diaspora have the option to not only send money home to their families for their upkeep, but also build their personal investment portfolios through investing in one of the country’s largest sectors."

Source: Africanfarming.net