FCMB invests N20m in agritech to unlock agripreneurs’ potential

First City Monument Bank (FCMB) and the Dutch Entrepreneurial Development Bank (FMO) have unveiled a N20 million Agritech investment scheme aimed at unblocking the full potential of Nigerian agribusiness ecosystem.

Themed ‘FCMB–FMO AgriTech Investment Readiness Programme 2025,’ the initiative will feature a competitive grant prize pool of N20 million, awarded to ventures recognised as best positioned for investment.

The initiative, in collaboration with Heave Ventures, aims to identify, support, and finance Nigeria’s promising agritech startups and Small- to Medium-sized Enterprises.

“This programme is more than providing traditional funding; it is a commitment to nurturing and empowering agritech startups to contribute to the agribusiness landscape and unlock its full potential,” Kudzai Gumunyu, divisional head, Agribusiness & non-oil exports, FCMB, said in a statement.

According to him, the programme is designed to enhance access to capital while fostering the scalability of innovative agritech businesses.

The programme will also include digital learning and fundability scoring through Zimara. According to Gumunyu, the proprietary platform leverages alternative data and established readiness benchmarks to identify bankable ventures.

Following registration, the top twenty startups will participate in a six-week investment readiness programme, culminating in a pitch presentation to a panel of funders in October 2025.

“It reflects our mission to drive inclusive and sustainable growth through an African-rooted ecosystem that connects people, capital and markets,” he explained.

He added that the initiative will help nurture and prepare these startups for investment opportunities, enhancing their potential to contribute to the agritech landscape in Nigeria.

Abiodun Lawal, chief executive officer of Heave Ventures, stated that Agriculture is a lever in the fight against poverty and unemployment, especially in achieving food sovereignty.

For him, investing in agribusiness is an investment in the continent’s economic independence, resilience against global challenges, and the dignity of its people.

“We are delighted by the commitment shown by FCMB and FMO in supporting agritech startups and assisting them in their developmental journey,” Lawal said.

He added that scaling agribusiness innovation has the potential to revitalise the entire value chains — from production to processing to export.

“Creating millions of decent jobs, boosting foreign exchange earnings, and positioning Africa not merely as a consumer but as a vital global food and agricultural technology supplier,” he said.