In the bid to change the face of agribusiness in Nigeria, in line with the newly launched Agriculture for Food and Job Plan (AFJP) by the Federal Government, Viable X, an online agribusiness platform has been created.
Adama J. Adama, Chief Executive Officer of Viable X explained that since it was unveiled about two months ago, 6,000 farmers have enrolled in the virtual marketplace.
He said it was created for trading farm produce and also facilitates export financing for commodities as it has been licensed by the National Export Promotion Council (NEPC)-licensed offers farmers instant loan.
Adama has been an initiator of game-changing agriculture initiatives since the debut of his first initiative Farm4Me -a Nigerian premium agribusiness outfit that successfully pioneered contract farming in the country since 2019.
“The platform was created to change the face of agribusiness in Nigeria. The level of patronage has been very encouraging with a record of over 6, 000 members enrolling on the Viable X platform in less than two months.
“The impact is seen in the volume of transactions on our platform exceeding N100million. Our analytics show that export financing has attracted the highest patronage,” he said.
Speaking further, he said that a sustainable intervention by the private sector is critical in helping the government reposition the country’s economic growth post-COVID-19 pandemic.
“For us, this is a pointer to the critical impact of the agricultural sector in helping to reposition the Nigerian economy following the harsh onslaught of COVID19 pandemic.
“Our platform safeguards investors’ fund with goods-in-transit and marine insurance policies from Leadway Assurance and so far with the track records of full investment dividends to Farm4Me Investors, 50 per cent Return On Investment (ROI) in four months is a bankable promise for Viable X Export Financing Investors,” he added.
Adama further stated that the growth of the sector rests squarely on the Micro, Small and Medium Scale (MSMEs) in the Agriculture food chain.
Explaining how the platform works for MSMEs, he said, “We provide collateral-free loans, ranging from N50, 000 to N200, 000 to smallholder farmers. This intervention is turning around the fortune of those working in the sector. All that is required is three guarantors and credit history verification from the credit bureau and a loan is granted and extendable by repayment.
“Agriculture is a money-spinner. We are exploring innovative ways to make it attractive to Nigerians, especially, graduates.
“By 2030, Nigerians will now see beyond Oil and Gas and see agriculture as a viable alternative through our success story,” he noted.
He, however, said that all farmers require to access a collateral-free loan from his organisation is three guarantors and credit history verification from a credit bureau.