Agricultural technology company ThriveAgric has published its 2022 Impact Report, reaffirming its commitment to establishing the largest network of profitable farmers and advancing self-sufficiency in Africa. During the reviewed year, the Nigeria-founded company successfully expanded its operations into neighboring countries such as Ghana and Kenya in East Africa.
Key highlights from ThriveAgric’s 2022 annual impact report include:
- Connecting with over 514,000 smallholder farmers across more than 2,900 communities.
- Launching pilot operations in five regions of Ghana and six counties in Kenya.
- Investing over $100 million in financing.
- Achieving a production output of over 1.5 million metric tonnes of grains.
- Witnessing a notable year-on-year increase of 153.3% in the number of women impacted.
- Notching an 80% rise in youth impact within communities.
To achieve these significant milestones, ThriveAgric capitalized on its proprietary technology and key partnerships with governmental bodies and global institutions, including the Ghana Commodity Exchange (GCX), Promasidor (Kenya) Limited, VISA, and OCP Africa.
Samirah Bello, Partnership Lead at ThriveAgric, stated, “AAt ThriveAgric, we remain committed as an impact-driven and customer-focused company. Through our strategic partnerships, we have been able to accelerate impact and reach meaningful milestones while tackling barriers confronting smallholder farmers in their day-to-day business. This report is an expansion of our 2017–2021 impact report, and we are proud to say that we have built a tech-driven agricultural enterprise that will eventually help feed both Africa, and the rest of the world.”
Uka Eje, CEO and co-founder of ThriveAgric, highlighted the social benefits resulting from the company’s activities, including poverty reduction and improved gender equality. “In addition to the social benefits such as reducing poverty and improving gender equality, smallholder farmers that work with ThriveAgric produce double the national average yields due to access to better quality seeds, fertilisers and equipment. At ThriveAgric, we will continue to adopt a multifaceted approach that includes collaboration between various stakeholders, increased investment, technology adoption, and sustainable agricultural practices. Our 2022 impact report is a testament that we are on the right track,” he said.
Access to funding remains a significant challenge for smallholder farmers in Africa. The Africa Development Bank (AfDB) reports an annual financing gap of approximately $100 billion for agri-SMEs in Africa. ThriveAgric aims to bridge this gap by providing input financing, data-led advisory services to improve output, enhancing supply chain efficiency, and promoting sustainable agricultural practices. These efforts contribute to the company’s vision of establishing a network of profitable smallholder farmers and fostering food security in Africa.
Aligned with its Theory of Change outlined in the impact report, ThriveAgric’s goals for 2027 include providing $500 million in credit to 10 million smallholder farmers across Nigeria, Ghana, and Kenya, with the intention to double these figures by 2050. The company also plans to collaborate with organizations utilizing its Agricultural Operating Software (AOS) to facilitate farmer access to loans and is currently onboarding partners. With the United Nations projecting a record 310 million Africans facing food insecurity by 2030, ThriveAgric intends to expand its operations into Tanzania, Egypt, and Zambia to mitigate potential impacts.
ThriveAgric’s 2022 impact report is available for download here.