Gluwa, Lagos to improve farmers access to loan with digitize Agric assets

The Gluwa blockchain infrastructure platform says it is partnering with the Lagos State Government to transform the agricultural sector through the digitization of agricultural assets.

In a statement, the Chief Executive Officer of Gluwa, Tae Oh, said the project would involve the Lagos State Ministries of Agriculture, Finance, Science and Technology as well as the Lands Bureau on 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.

According to Ho: “Agriculture being one of the backbones of the Nigerian economy, with 35% of the population in its employ, must be modernized for the government and the organized private sector to realize its full potential and attendant benefits.

According to the five-year Lagos State Agricultural and Food Systems road map, where the sector is projected to generate upwards of $10bn by the year 2025, it will be of immense value for agricultural assets to be identified, recorded, and traded using innovative blockchain technology.”

Speaking at launch, the 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 focuses on three pillars of growing the upstream sector through interventions by 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 lastly, we will improve on private sector participation by developing and initiating policies that will encourage more private investments in agriculture.”