The 2024 Zenith Tech Fair, themed “Future Forward 4.0,” brought a vibrant convergence of technology, innovation, and industry thought leaders to Lagos, spotlighting solutions that are reshaping industries, including agriculture.
As Nigeria strives to bolster food security and modernise farming, events like this are crucial. The fair served as a platform for farmers, agribusinesses, and policymakers to explore cutting-edge solutions that address pressing agricultural challenges such as access to finance, market inefficiencies, and resource management.
This year’s theme highlighted how advancements in Artificial Intelligence (AI), embedded finance, and cybersecurity could empower businesses to stay competitive in an evolving global market. With sessions spanning from top-notch keynotes to the ₦77.5 million Zecathon competition; the fair provided a glimpse into how technology can address challenges like access to finance and supply chain inefficiencies that Nigeria’s industrial sectors struggle with daily.
The tech fair featured a variety of presentations and panel discussions. One of the most discussed topics at the fair was Generative AI, which offers limitless potential for problem-solving. Keynote speakers like Robin Speculand, Danilo McGarry, Robert Nicolay, and Jania Okwechime, a Partner at Deloitte Africa, highlighted the innovation’s role in transforming traditional systems, explaining how businesses can leverage AI to analyse large datasets, predict trends, and improve decision-making.
For agriculture, generative AI offers the promise of creating smart tools for:
- Precision Agriculture: Experts discussed how AI applications can be used for precision farming, such as monitoring crop health, predicting yields, and analysing soil data. By leveraging AI, farmers can optimise resources and increase productivity.
- Embedded Finance: Innovative financial solutions were highlighted as tools to improve the livelihoods of smallholder farmers. Platforms offering digital credit access and seamless payment systems were showcased, addressing barriers to acquiring inputs like seeds and machinery.
- Cybersecurity: Agribusinesses are increasingly integrating technology into their operations, which raises concerns about data protection. Panellists discussed safeguarding sensitive farm data and ensuring secure transactions in rural and urban agro-markets.
These discussions underscored the immense potential of technology in bridging gaps in Nigeria’s agricultural sector, making farming more profitable and resilient.
Zecathon: empowering innovation to solve real problems
One of the standout moments of the fair was the Zecathon Competition, which aimed to identify and support Nigeria’s most promising startups. Out of 1,500 applicants, 10 startups were selected to pitch their ideas within three minutes, competing for a funding pool of ₦75 million.
Prize Breakdown:
- First Place: ₦25 million
- Second Place: ₦20 million
- Third Place: ₦10 million
- Runners-Up: ₦2.5 million each for the remaining seven finalists.
How Some of These Startups Are Addressing Food Needs:
- Kitovu finances and connects smallholder farmers to market warehouses. They also provide digital warehouse receipt systems for farmers to use stored crops as collateral, granting them easier access to credit and reducing post-harvest losses.
- Regixta is a loaning app providing quick loans to micro farmers and traders. The payout is within ₦1,000 – ₦50,000 and their interest is minimal compared to other credit institutions, enabling their debtors to pay on time.
- Middleman is a fintech app that provides currency exchange from naira to yuan for agribusinesses that import from China.
- Messenger focuses on logistics, with a delivery system that farmers can leverage to send products directly to customers.
- Market Access Tools: Several startups presented e-commerce solutions connecting farmers directly to buyers, eliminating middlemen and maximising profits for producers.
Winners of the Zecathon were Jump n Pass (first place), CreditCheck (second place), and Salad Africa (third place). While these start-ups are not specifically targeting the agricultural sector, their business strategies aligned with those of Zenith Bank, organizers of the tech fair. The Zecathon showcased how funding can scale these transformative solutions, potentially revolutionising the way Nigerian farmers and agribusinesses work and interact with markets.
Government’s commitment to digital growth
The fair featured prominent government figures, such as the Lagos State Governor, who emphasised the administration’s investments in technology and R&D. He informed attendees that, for example, the Lagos State Science and Research Center (LASRI) now receives double its previous funding, with a budget of ₦1 billion for developing digital infrastructure.
This focus on R&D for AI and blockchain creates specific opportunities for agriculture by enabling:
- Better Land Management: AI and geospatial tools to map farmland usage and optimise productivity.
- Improved Food Traceability: Blockchain systems ensure transparency in supply chains, reducing food fraud and wastage.
The Lagos government also highlighted partnerships with local universities to fund research into AI applications, potentially creating agri-tech solutions tailored to Nigerian challenges.
Building collaborations to advance agri-tech
The fair presented numerous takeaways for farmers and agribusinesses, emphasising the importance of collaboration between financial institutions, tech companies, and the agricultural sector.
- Banks and Embedded Finance: Zenith Bank discussed its plans to develop loan products specifically tailored to individual businesses, reducing the traditional hurdles associated with accessing credit.
- Government Support: Representatives from Lagos State emphasized their commitment to fostering tech innovation by investing in AI research and digital infrastructure projects. Such collaborations are pivotal in creating an ecosystem where farmers can thrive.
- Enhanced Collaboration: Platforms like the Zecathon foster relationships between businesses and technology experts.
- Scalable Solutions: Startups can adopt innovations like AI for crop monitoring or fintech for financing farmers.
- Education and Awareness: Farmers among others must learn to adopt these tools effectively, with training programs facilitated by both private companies and government bodies.
These partnerships promise to enhance not only farm productivity but also the overall economy of the Nigerian sector.
A call to action
The 2024 Zenith Tech Fair was more than a showcase of technology—it was a rallying cry for industries to embrace digital transformation. For agriculture, the lessons and tools discussed hold the potential to unlock a new era of productivity, sustainability, and inclusivity.
By leveraging these innovations, Nigerian farmers can overcome systemic challenges, secure their livelihoods, and contribute to national food security. As the fair demonstrated, the future of agriculture lies in embracing technology today.
