Agrinnovation 1.0: Lagos State Empowers 26 Agripreneurs With N100 Million Grant

Lagos State Government has awarded a whooping sum of N100 million in grants to 26 successful young agripreneurs at the maiden edition of Agrinnovation.

The grant award ceremony took place yesterday, Tuesday 14, November 2024 at Marcelina house Ikeja Lagos, and was attended by top government official from the Lagos State Government and technocrats of renown.

Agrinnovation, was not only the the very first of its kind, but an audacious step which was organised by the Lagos State Ministry of Agriculture and Food Systems, in conjunction with the Lagos State Employment Trust Fund (LSETF), and the Eko Innovation Centre and designed to foster meaningful conversations, collaboration, and groundbreaking innovations within the agricultural sector.

Some of the successful young startup agriprenuer who benefitted from the Lagos State Government include; Farmcraft Foods limited, Rehoboth 910, Foodie world, Hommal foods, Ofadahub Nigeria limited, Dharkag Empire limited, D-olivette Renewable Energy and Green Mall.

Others are; Dehydrator hub, Agricfood Technology limited, Corporate farmers international limited, Ultra Farms Integrated Ventures limited, Eti Farms Global limited, Hairat Ajao & Co ( Fisherwoman, Happy Coffee, Ecotutu Limited, Ofadaboy Company, Leky Mills Limited, Yellow fish limited, Ufarmy Ecoedu-Tech Solution Limited, Fauzziyah’s Honey Limited, Green Republic Limited, Price Pally Limited among others.

In his address, the Lagos State Governor, Mr. Babajide Sanwo-Olu, ably represented by his Chief of Staff, Mr. Tayo Ayinde, stated that the state will not stop until she achieves food security and production serving as an example to other parts of the nation and Africa.

He also said that the gesture is a symbol of what the state can achieve when it trusts the youth to lead and supports them in doing so.

His words, “We gather here with the purpose to build sustainable agriculture and food system for the next generation and to ensure that Lagos not only sustains itself but leads Nigeria and Africa towards food security and agricultural excellence.

“As a government, we understand that agriculture development depends on more than just traditional practices. It requires us to embrace technology, foster collaboration and create sustainable practices that endure.

“I want to commend particularly the creation of the Lagos Agrinnovation Club. This club is not just an initiative, it has become a community of young agriprenuers, a hub of creativity and a platform for those who dare to reimagine agriculture.

“This year’s Agrithon saw 316 business case entries from dynamic startups, championed by young people who are driven by their vision to transform agriculture and build sustainable solutions.

The 26 finalists we honour today have not only made it through a rigorous selection process but have also shown us that the future of food in Lagos is brought. With access to mentorship, network and share of the N100 million Agrinnovation Fund, these entrepreneurs will have the resources to take their enterprise’s solutions further”.

He also said that the young entrepreneurs will be monitored to ensure that they use the grant well. “To our Agrithon finalists I urge you to put this funding to excellent use, as you’ve demonstrated through your impressive and innovative ideas”, he added.

Earlier, in her welcome address, Abisola Olusanya, Honourable Commissioner of the Ministry of Agriculture and Food Systems of Lagos state expressed her appreciation to all in attendance and especially to the jurors who worked tirelessly in the selection process of the 26 finalists.

“We would like to thank everyone for being here, especially our jurors, who worked throughout the rigorous process on the Agrithon programme, helping us with the selection process from 316 business entries to 26.

“We are here to celebrate young entrepreneurs who have not waited for the government to give them opportunities but have looked within themselves and others for inspiration. They have made themselves and their enterprises something to be proud of and we are proud to be associated with them.

“They have shown that agriculture is indeed a pathway towards being prosperous as a nation, they have shown passion and connectivity. We are proud to celebrate them, to encourage other people to come into the state.

“We want newcomers to know that there is a lot to gain in the agricultural space and particularly in the direction that the government of Governor Samwo-olu is going, there is enough to unearth in the coming months. It is up to you newcomers to come in and plug into what is happening in the sector.”

Also speaking at event and charging benefiacries of the grants, was Mr Victor Afolabi, the Founder of Eko Innovation Centre, according to him, it was important that entrepreneurs understand that investments should be meant for businesses and not for personal upliftment.

His words; “It’s very important for founders to understand that you are not a celebrity, when you raise funds, use it for the business that it was meant for.”

Afolabi who is a serial entrepreneur, noted that it was necessary for young founders to embody discipline when it came to work, addding that this was contributing to the demise of many young startups in the country.

Corroborating his thoughts, Aisha Raheem, the co-founder and Chief Executive Officer of Farmz2u, noted the importance of plan and vision.

According to her, many startups lose this vision when they become profitable at the first instance.

This was also echoed by Jummai Abalaka, Founder and Chief Operating Officer (COO) who noted that it was necessary to have a positive attitude towards work.

She said that this works hand in hand to ensure the success of enterprises in the country. They pressed on the matter of separating work from personal wants.

Also speaking at the event, was Prince SJ Samuel, the Chairman of Origin Tech Group who noted that innovation was facing a lot of challenges in the Nigerian landscape.

He pointed out that the average farmer earns about two thousand dollars and takes home about 40%, with more than half of the earnings going into logistics and other expenses.

He also noted that Inflation is very high in the Nigerian economy and food inflation makes up about 38% of that which serves as a major concern in the country.

The entrepreneur stated that the agricultural space contributes about 37% to gdp of the country. Although he a plauded the current administration for its investment in the agricultural sector in the country, compared to its predecessors.