Agric-business start-ups pitch for N100 m grant from Lagos to scale up operations

In a groundbreaking move aimed at transforming Nigeria’s agri-food sector, the Lagos State Government has initiated the Lagos Agrithon, a grant program dedicated to fostering innovation among small and medium-sized agricultural enterprises (MSMEs). Twenty-six promising startups in the agriculture industry have pitched their business expansion initiatives, hoping to secure a share of the N100 million fund dedicated to bolstering agri-business MSMEs.

Designed to unlock innovation within the agriculture and food value chain, Lagos Agrithon will support selected ventures addressing food sustainability, security, and waste reduction in Lagos. The grant program, led by the state’s agriculture department with support from the Lagos State Employment Trust Fund (LSETF) and the Eko Innovation Center, attracted over 100 applicants, from which 26 were shortlisted to present their ideas. Ultimately, the first 20 startups will receive a share of the grant based on their business needs.

Olurotimi Fashola, Special Assistant to the Lagos State Governor on Agriculture and Food Systems, shared his enthusiasm with BusinessDay, commending the showcased innovations in food preservation, mechanized farming, and sustainable urban agriculture practices. As Nigeria faces an estimated 40% annual food production loss, these startups are well-positioned to drive impactful change. Highlighting the state’s shift towards urban agriculture, Fashola stated, “We are moving away from the concept that Lagos does not have land to the concept of grow what you eat.” He emphasized urban solutions like greenhouse cultivation and container farming as integral to Lagos’s food security strategy.

The Lagos Agrithon program includes a mentorship component for grant recipients to strengthen their business acumen and enhance the scale and efficiency of their operations. Victor Afolabi from the Eko Innovation Center expressed his excitement about the potential for young, tech-savvy “agric-preneurs” to redefine food security and safety for Lagos’ dense population.
Source- Business Day

Expert Review for Agri-Food Stakeholders
The Lagos Agrithon initiative highlights a progressive approach to addressing food insecurity through innovation-driven agribusiness models, especially within urban settings. By fostering urban farming techniques, Lagos State promotes scalable and space-efficient solutions to boost food production, critical in densely populated areas like Lagos with over 20 million residents.

For agri-food stakeholders, the initiative presents a valuable case study of how targeted investment and mentorship can accelerate the adoption of technologies in agriculture. Moreover, by prioritizing food preservation and waste reduction innovations, this program addresses a pressing national issue: Nigeria’s annual post-harvest food losses, estimated to be sufficient to feed 40 million people. Stakeholders involved in supply chain logistics, post-harvest technology, and food packaging may find collaboration opportunities with these startups to enhance distribution and reduce losses.

Additionally, this initiative underscores the importance of youth involvement in agribusiness. With many participants pivoting into agriculture from non-agricultural backgrounds, there is an evident shift toward seeing agribusiness as a viable, innovative sector for young entrepreneurs. This not only paves the way for job creation but also signals an increasing acceptance of agriculture as a dynamic industry, ripe for technological and business innovation.

Stakeholders looking to invest in the Nigerian food system may consider equity participation in these startups, given their alignment with sustainable and impactful agriculture solutions.