Price of food in Nigeria expected to drop by June 2017


Food price in Nigeria expected to drop by June 2017

The price of food in Nigeria is expcted to drop by June 2017. This prediction was based on a report highlighting the impact of technology in transforming agriculture across Africa particularly with the “Growth Enhancement Support Scheme (GES) Dry Season, 2016,” by Cellulant.

The report highlighted the effects of technology on agriculture in the country as well as projections for the industry.

Since the year 2011, the use of technology, have helped eliminate corruption, promote transparency and transform the Agricultural sector in Nigeria.

In 2017, private sectors and financial partners will begin to test pilot the injection of loans into the system; Messer Cellulant, has arranged the consortium of financial sector actors who have agreed to deploy a loan book portfolio of $100 million into smallholder farmers’ micro loans.

The goal is to achieve 1,736,445 farmers borrowing betweenJune 2017, to July, 2018.

This transformation was made possible by the Agrikore platformalso known as the “e-wallet” platform.Agrikore was developed by Cellulant for Nigeria in 2012. The Agrikore platform at its core, provides the tools for the creation of a structured agribusiness economy (agriconomy). The platform provides value for users which includesensuring a start to endmanagement of interventions (schemes), providing visibility of the cashflow movements within the schemes,enabling the management of accounts,executing payment and reconciliation processes, as well as enablingstart and end to end management of services, products catalogue and inventories.

Liberia is the first country outside of Nigeria to have adopted and implemented theAgrikore platform and all its elements fully. Other countries such as Togo and Malawi are in advanced stages of replicating this system. Governments from the Middle East have also indicated interest in the implementation of the platform.