ThriveAgric and Acorn Rabobank partner to empower 30,000 farmers in Nigeria. Nigerian agritech startup, ThriveAgric has revealed a collaboration with Acorn Rabobank to offer carbon credits to more than 30,000 smallholder farmers.
ThriveAgric and Acorn Rabobank Partner
ThriveAgric, a Nigerian agritech startup, has teamed up with Acorn Rabobank to offer carbon credits to over 30,000 smallholder farmers.
This collaboration aims to promote sustainable agroforestry practices and develop the global carbon market, potentially generating $56 million in revenue for the farmers and reducing carbon emissions by 1.3 million metric tonnes.
The project will span nine Nigerian states: Kaduna, Gombe, Adamawa, Taraba, Bauchi, Jigawa, Niger, Nassarawa, and Kano. It aligns with ThriveAgric’s mission to foster sustainable agriculture practices, support farmers, and uplift rural communities.
The Importance of African Farmers Participating In the Lucrative Carbon Market
Ayo Arikwe, Thrive Agric’s Chief Technology Officer, emphasized the importance of African farmers participating in the lucrative carbon market. Despite the market’s substantial value and growth projections, Africa’s share remains disproportionately small.
The initiative seeks to address this disparity by providing farmers with opportunities to benefit from carbon credits, thereby diversifying their revenue streams. Samirah Bello, Head of Partnerships at ThriveAgric, affirmed that all participating farmers would have access to these additional income avenues.
“For example, a farmer with one hectare of land can make as much as $1,700 in revenue from carbon credits in a year. For farms with newly planted trees, carbon credit revenue typically increases after the third year as the trees mature, capturing more carbon and generating additional credits.” Bello further added.
What Farmers Stand To Achieve With This Partnership
Through this partnership, efforts to combat climate change will be intensified by promoting soil health, enhancing productivity, and augmenting carbon capture.
Participating farmers stand to benefit from increased crop productivity, minimized post-harvest losses, and the opportunity to earn additional income through carbon credits, among other climate-smart initiatives.
ThriveAgric’s Extensive Network in Africa
ThriveAgric, with its extensive network of over 800,000 smallholder farmers across Nigeria, Ghana, Kenya, and Uganda, is also spearheading the development of Dorewa, a platform aimed at assisting other climate-focused startups in Africa to embark on their own carbon journey.
“The idea behind Dorewa is to help other farmers across Africa get started on offsetting carbon credits,” Arikwe stated.
What You Should Know About Acorn Rabobank
Acorn Rabobank is the climate-focused arm of Rabobank, a Dutch bank. They are actively engaged in addressing climate change in several African countries, including Ghana, Kenya, Zambia, Rwanda, and Tanzania.
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