SKOT Impact Academy Empowers Young PR, Communications Professionals as -
SKOT Communications has launched the third cohort of its SKOT Impact Academy, a six-week intensive training programme designed to equip early-career public relations and communications professionals with practical skills for today’s media, digital and business landscape. The n
Nigeria remains one of Africa’s most important markets for agricultural technology, with agritech startups and small businesses attracting between $220 million and $270 million in disclosed funding between 2022 and 2025 . The funding has supported businesses developing technology for agricultural production, supply chains, farmer financing, food distribution and other areas of the agriculture value chain.
According to Disrupt Africa’s African Tech Startups Funding Report 2022 , Nigerian agritech startups raised $72.77 million in 2022, representing about 55 per cent of the $132.825 million raised by agritech startups across Africa during the year. The strong performance was largely driven by a major transaction involving Thrive Agric, which raised $56.4 million in debt financing from local commercial banks and institutional investors.
The company also received a $1.75 million co-investment grant from the USAID-funded West Africa Trade & Investment Hub. Disrupt Africa described the Thrive Agric transaction as one of the largest agritech funding rounds on the continent in 2022. Thrive Agric and Kenya-based Apollo Agriculture accounted for more than 80 per cent of Africa’s agritech funding that year, showing the extent to which a small number of large transactions influenced the continent’s overall funding figures.
Agritech funding across Africa weakened in 2023, with startups raising $84.64 million, representing a 36.3 per cent decline from the $132.825 million recorded in 2022. Nigeria also recorded a significant drop. According to Disrupt Africa, only five Nigerian agritech startups raised a combined $6.75 million during the year.
Despite the decline, individual startups continued to secure capital to expand their operations and develop technology for the agricultural value chain. Releaf, an agricultural supply-chain technology company, raised $3.3 million in pre-Series A bridge financing in January 2023, following a $4.2 million seed round in 2021.
Continue reading
Watch a short ad to unlock the full article
The rest stays locked if you skip or close the ad early.
The company focuses on improving agricultural supply chains and connecting producers with processing and market opportunities. The funding slowdown continued in 2024. Disrupt Africa recorded $47.085 million in agritech funding across Africa, representing a 44.4 per cent decline from the $84.64 million raised in 2023.
The number of funded startups also fell, with only 14 African agritech startups securing funding, compared with 24 startups in 2023. The decline reflects the broader challenges facing technology companies seeking venture capital during the period, including tighter investment conditions and increased scrutiny of startup business models.
However, another industry dataset points to a larger level of investment when the wider agrifoodtech sector is considered. AgFunder’s AgriFoodTech Investment Report 2025 recorded $192 million across 91 agrifoodtech deals in Africa in 2024. The difference between the figures is partly linked to the scope of the datasets, with agrifoodtech covering a broader range of businesses and technologies across the food and agriculture value chain.
Nigeria’s large agricultural sector and substantial population create opportunities for technology businesses addressing challenges across the food system. Agritech startups are increasingly developing solutions around areas such as access to finance, farm management, agricultural inputs, logistics, market access, processing and supply-chain efficiency.
For MSMEs operating in agriculture, access to funding can provide capital needed to purchase equipment, expand production, improve technology and reach new markets. However, the decline in venture funding also highlights the financing challenges facing young businesses in the sector.
While large transactions can significantly influence annual funding figures, many smaller agritech businesses still depend on grants, loans, partnerships and other forms of financing to survive and scale. For Nigeria, sustained investment in agritech could therefore support not only technology startups but also farmers, processors, distributors and other MSMEs operating across the agricultural value chain.
The funding trend also underscores the importance of creating an environment where agritech businesses can access patient capital, build sustainable business models and scale solutions capable of improving productivity and market access. With agriculture remaining a major part of Nigeria’s economy and a significant source of livelihoods, continued investment in technology could play a role in addressing some of the structural challenges affecting the sector.
Article text via FreeNewsAPI. Rights remain with MSME Africa.
Read on publisher site → Opens MSME Africa in a new tab
