[PRESS RELEASE – San Francisco, California, 27th October 2022]
Blockchain infrastructure platform Gluwa is partnering with the Lagos State government to transform the agricultural sector. The move will enable the digitization of agricultural assets, making it easier for farmers in the region to obtain finance.
The project will involve the Lagos State Ministries of Agriculture, Finance, Science and Technology as well as the Lands Bureau. These entities will support the integration of physical farmlands into non-fungible tokens in a bid to provide access to digital asset-backed loans for all Lagos state farmers.
Gluwa CEO Tae Oh said: “Agriculture is one of the backbones of the Nigerian economy, with 35% of the population in its employ. It must be modernized for the government and the private sector to realize its full potential and attendant benefits.”
“According to the five-year Lagos State Agricultural and Food Systems roadmap, where the sector is projected to generate upwards of $10B by 2025, it will be of immense value for agricultural assets to be identified, recorded, and traded using innovative blockchain technology.”
Speaking at the launch, the Lagos Commissioner for Agriculture, Abisola Olusanya, noted that the administration of Governor Babajide Sanwo-Olu aims to make Lagos State fully self-sufficient in the areas of wealth generation, value creation, food security, and industrialization of the agricultural sector.
Olusanya said its strategies for sustainable agricultural development focus on three pillars of growing the upstream sector. This will be achieved through leveraging technologies that can lower the cost of production of value chains, “focus on growing the midstream and downstream sectors that are of value, and improve on private sector participation by developing and initiating policies that will encourage more private investments in agriculture.”
Gluwa is an open finance platform, connects capital from developed markets to emerging market lending opportunities using blockchain technology. By providing the decentralized infrastructure rails to raise and disburse capital anywhere in the world, investors can use the Gluwa Invest platform to partake in debt-financing deals with emerging market fintech lenders, earning up to 15% APY.