The Nigerian Farmers Group and Cooperative Society (NFGCS) has introduced a blockchain technology, Agbatoken, to revolutionise agricultural funding in the country and boost food security.
The Agbatoken initiative is a brainchild of Agbadorevolution Technologies Ltd in partnership with Ahoiza Technologies.
Managing Director and Chief Executive Officer of NFGCS Ltd, Retson Tedheke, described Agbatoken as a form of tokenization in agriculture, seamlessly integrating productivity, efficiency, security, transparency, and cost-effectiveness to enhance the operational capabilities of agribusiness firms.
Speaking during a press conference held at the NFGCS Farm Estate in Keffi, Nasarawa State, Tedheke explained that Agbatoken involves the digitization of real-world assets such as crops, livestock, infrastructure and land, transforming them into encrypted tokens traded on the blockchain.
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These tokens, according to him, can be bought, sold or traded, offering farmers a unique opportunity to raise capital by selling shares of their assets.
“This innovative financial approach empowers farmers to secure funds without relinquishing ownership, providing a viable solution to their financial needs.
“Blockchain technology is becoming integral to the agricultural supply chain. With the increasing demand for food security, substantial investments in food production, and a call for transparency in agricultural investments, leveraging blockchain has become imperative.
“The blockchain in the agriculture and food supply chain market, valued at $285 million in 2022, is projected to reach an astonishing $7.3 billion by 2031. This remarkable growth is stimulating for blockchain proponents,” Tedheke said.
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