First City Monument Bank (FCMB), in partnership with FMO, the Dutch Entrepreneurial Development Bank, has announced the launch of a ₦20 million AgriTech Investment Readiness Programme designed to empower Nigerian startups driving innovation in agriculture. The initiative, unveiled in Lagos, seeks to strengthen the capacity of emerging AgriTech firms to attract investment, scale operations, and contribute to food security in the country.
The programme is structured to provide selected startups with access to training, mentorship, and financial advisory services. Participants will also receive technical support to refine their business models, improve governance structures, and strengthen their investor appeal. The ₦20 million funding commitment is expected to accelerate the growth of ventures that are leveraging technology to address Nigeria’s agricultural challenges.
Speaking during the launch, the Managing Director of FCMB, Yemisi Edun, said the initiative aligns with the bank’s long-standing commitment to supporting small and medium-sized enterprises (SMEs) and fostering innovation across key sectors. She stressed that agriculture remains a critical driver of Nigeria’s economy, accounting for a significant share of employment and national output.
“Through this programme, we aim to bridge the gap between innovation and finance in the agricultural space. AgriTech startups are introducing new solutions that can transform food production, distribution, and sustainability. By equipping them with the right tools and preparing them for investment, we are helping to unlock the full potential of Nigeria’s agricultural sector,” Edun said.
The partnership with FMO comes at a time when Nigerian startups are increasingly facing difficulties accessing funding, particularly in sectors considered high-risk by traditional investors. FMO, known globally for financing projects that stimulate sustainable economic growth, said its collaboration with FCMB is designed to de-risk agricultural innovation and position startups for long-term impact.
Representing FMO at the event, Senior Investment Officer Mariska Lammers noted that AgriTech companies in Nigeria are tackling fundamental issues such as low farm productivity, poor market access, and post-harvest losses. According to her, providing them with structured readiness support will make them more attractive to local and international investors who are seeking impactful opportunities.
“The AgriTech ecosystem in Nigeria is vibrant but still in its early stages. Our goal is to nurture promising startups with tailored training and advisory so they can withstand investor scrutiny and access the capital they need to grow. This is not just about profit but also about promoting food security, job creation, and environmental sustainability,” Lammers explained.
The programme will target early-stage and growth-stage startups offering solutions in precision farming, supply chain management, digital marketplaces, agri-financing, storage, logistics, and climate-smart agriculture. Startups will undergo a rigorous selection process to ensure that those with the most scalable ideas benefit from the scheme.
Industry experts have welcomed the development, describing it as a timely intervention in a country grappling with rising food prices and the adverse effects of climate change on agriculture. They argue that supporting AgriTech startups could provide innovative pathways to addressing Nigeria’s food security challenges.
In recent years, Nigeria has seen an increase in the number of technology-driven agricultural ventures. From drone-powered crop monitoring to digital platforms connecting farmers with buyers, AgriTech has been hailed as a transformative force. However, many startups struggle with weak financial structures, limited market access, and the inability to secure large-scale investment.
By equipping startups with skills such as financial management, corporate governance, investor relations, and pitch readiness, the FCMB-FMO programme is expected to improve their competitiveness. Participants will also gain access to FCMB’s SME advisory platform, which has supported thousands of entrepreneurs across different sectors.
The initiative further underscores FCMB’s expanding role in supporting innovation ecosystems. Over the past decade, the bank has launched several SME-focused interventions, including grants, accelerator programmes, and sector-specific funding initiatives. Analysts say the new partnership with FMO signals a shift toward more targeted investments in agriculture, a sector that has long suffered from underfunding despite its importance.
Commenting on the programme, agricultural economist Dr. Bamidele Akinyemi described it as a “game-changer” for the Nigerian startup landscape. “Nigeria’s agriculture sector is at a crossroads. Traditional farming methods are no longer enough to feed our growing population, and AgriTech provides the leap we need. However, without proper investment readiness, most of these startups cannot attract the capital required. The FCMB-FMO collaboration is a critical step forward,” he said.
The rollout of the ₦20 million initiative will begin with a nationwide call for applications, followed by a selection boot camp and mentorship sessions with industry experts. The most promising startups will be showcased at a demo day, where they will pitch directly to potential investors.
Organisers emphasized that beyond funding, the programme will foster networking opportunities, connecting startups with corporate partners, government agencies, and development organisations that can support their scale-up journey.
As the Nigerian government continues to push for agricultural transformation under its economic diversification agenda, private sector-led initiatives such as the FCMB-FMO programme are seen as vital complements. By linking technology, finance, and innovation, stakeholders believe the effort could significantly improve productivity, reduce import dependence, and boost exports.
With food inflation posing a serious challenge to households across the country, the spotlight is increasingly turning to solutions that can modernize agriculture. AgriTech, backed by strategic funding and capacity building, may well be the key to unlocking a more resilient and self-sufficient food system.
The FCMB-FMO programme, therefore, represents not just an investment in startups, but also an investment in Nigeria’s future.
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