ThriveAgric, a pioneering Agritech company based in Nigeria, has recently unveiled a momentous collaboration with Acorn-Rabobank, marking a significant stride towards environmental sustainability and economic empowerment for smallholder farmers. This alliance is set to benefit upwards of 30,000 farmers across nine states in Nigeria, providing them with access to the lucrative carbon credit market.
This ambitious initiative is poised to enable the sequestration of an impressive 1.3 million metric tons of Carbon Reduction Units (CRUs), with expectations to amass over $50 million in revenue from carbon credits alone. This venture is not just a huge leap for environmental conservation but also promises to spawn substantial social and economic benefits for local communities concentrated in the states of Kaduna, Gombe, Adamawa, Taraba, Bauchi, Jigawa, Niger, Nasarawa, and Kano.
At the heart of this program is a commitment to promote carbon sequestration practices, thereby enriching biodiversity, ameliorating soil health, and providing tangible financial gains to the community farmers. The smallholder farmers enlisted in the program will be able to access a new income stream through carbon credits in addition to reaping the rewards of adopting climate-smart agricultural practices.
A core focus will be placed on the rejuvenation of their farmlands, which is expected to mitigate the effects of climate change, elevate crop yields, and curb the risks posed by climate-associated phenomena, such as post-harvest losses.
During the announcement, Uka Eje, the Chief Executive Officer of ThriveAgric, highlighted the critical role of joint efforts in conquering the multifaceted hurdles faced by the agricultural industry. With firm belief and optimism, he underscored the potential of the partnership with Acorn-Rabobank to galvanize transformative change and install a sustainable legacy that significantly elevates the livelihoods of smallholder farmers throughout the region.
The synergy between ThriveAgric and Acorn-Rabobank brings together their combined proficiency and resources to spearhead avant-garde solutions tailored to strengthen the resilience and output of agricultural sectors. Furthermore, this cooperation underlines their united front in championing responsible environmental management and upholding principles of social equity.
In the broader context, Africa’s current engagement with the carbon credit market constitutes a mere 2% of its maximal annual potential. Interestingly, the agricultural sector alone embodies nearly 30% of the continent’s carbon reduction capacity, emphasizing the paramount importance of low-carbon agricultural practices, such as agroforestry and regenerative farming, in tapping into this untapped potential.
By adopting an all-encompassing approach to agricultural reform, this project seeks to confront environmental, economic, and societal challenges head-on, all while building enduring sustainability and resilience within the farming communities of Nigeria.
