Agro Enterprise Funding and Support Program “WeFundAgro”
DESCRIPTION.
Agro Enterprise Funding and Support Program dubbed “WeFundAgro” is a program of AgroPaths Development Initiative, a registered nonprofit organization in Nigeria committed to the improvement of livelihoods through farming and agribusiness development for increased income generation, food security, job creation and poverty alleviation towards the attainment of the Sustainable Development Goals, SDGs.
“WeFundAgro” is providing innovative platforms that enable small holders mostly farmers and agro processors, to make targeted savings, access resources, build networks, sponsor and setup solid agro enterprises as owners and enjoy an unlimited return on Investment (ROI) that guarantees steady income for improved livelihood.
The Future Farm Enterprise, a flagship project under “WeFundAgro”, is an integrated poultry farm that seeks to use cutting edge technology and industry best practices to produce quality table eggs, animal feeds and Day old chicks to the Nigerian market thereby generating a huge return on investment for its sponsors. Poultry production is unique in that it offers the highest turnover rate and the quickest return to investment outlay in the livestock enterprises.
This program also aims at promoting investment in other agribusiness value chains such as Cassava processing, fruit juice production, rice processing, ranching and vegetable processing among others.
PROBLEM
High poverty and unemployment rates are a threat to national security. An estimated 86.9 million Nigerians live in extreme poverty according to the World Poverty clock. While the unemployment rate stands at 23.1%. Worse hit by this scenario are low income earners including small holder farmers and processors, the underserved and vulnerable groups such as widows, Orphans, displaced persons and the physically challenged. This is largely due to failure of their major means of livelihood, small scale farming and agro processing ventures, to grow and scale. Poor funding and skills gap among others are notable adverse factors affecting sustainable farming and the survival of micro, small and medium enterprises as only 20% of SMEs in Nigeria survive after their establishment according to the UNIDO. There is urgent need to create innovative solutions to address these problems to change the narrative.
GOAL
To create jobs and a steady income streams for 100,000 lower income earners by stimulating the establishment of solid agro businesses that would alleviate poverty, reduce hunger and malnutrition by the year 2024.
OBJECTIVES
- To stimulate the establishment of solid agro based enterprises that would provide employment opportunities to the teeming youth population of Nigeria.
- To alleviate poverty through the creation of stable and progressive income streams for lower income earners in Nigeria.
- To promote cooperative spirit, co-creation and collaboration in the society and to provide training and networking opportunities for beneficiaries.
TARGET BENEFICIARIES
- Small Holder Farmers
- Small Scale Processors
- Unemployed Youth
- Physically Challenged Persons.
- Displaced persons/people on the move.
- Low income earners interested in the project especially women and youth.
PROGRAM ACTIVITIES
- Enterprise Project selection. – All enterprise projects listed under WeFundAgro are subject to high level consultations and intense industry analysis by innovators, industry experts and other stakeholders.
- Registration of Participants on the project – Community of Savers for Agricultural Development, CSAD and Special Target Saving Scheme, STaSS.
- Fund raising – through in-house savings and external sources.
- Formation of corporate entity for the enterprise.
- Training of participants.
- Enterprise design and setup.
- Project closure.
THE ENTERPRISE PROJECTS
WeFundAgro selects and proposes the establishment of agro based enterprise with potentials for high growth, income generation and social impact, to members of her in-house community of savers (“Primary Sponsors”), comprised mostly of low income earners, who commit to sponsor the project from their savings. The sponsors are supported by ADI to mobilize more funds, sound management, technical expertise and other resources to design, and set up the enterprise. The sponsors take full ownership of the enterprise and enjoy an unlimited Return on Investment (ROI) throughout the lifespans of the enterprise. Selection of projects is preceded by a high level consultations and intensive industry analysis by innovators, industry experts and other stakeholders. The sponsors can keep track of the entire program and participate in the process of enterprise design and setup either physically, through representation by promoters or other sponsors or through electronic means using text, pictures and videos.
PROJECT FUNDING
WeFundAgro has created a Special Target Savings Scheme, STaSS, to enable her in-house Community of Savers for Agricultural Development to save funds over a designated period to sponsor an enterprise of choice. ADI is utilizing the services of Zenith Bank Plc, to maintain safe custody of the funds. ADI is also using the services of other digital platforms using web and mobile technology to make savings and fund raising seamless across different classes of potential sponsors. Upon the attainment of the funding goal, the proposed enterprise is incorporated with the sponsors taking full ownership of the entity. The funds are transferred to the bank account of the proposed enterprise for enterprise funding. ADI has no stake in the enterprise and has no control over funds of the enterprise. ADI and partners will support the enterprise to secure more funding and other resources that guarantees success for the enterprise.
STRATEGY FOR GROWTH
“WeFundAgro” is a social innovation program providing support to base of pyramid persons to form networks and build solid agro based enterprises through co-design, co-creation, co-investment, and collaboration. “WeFundAgro” is mobilizing resources from partners, experts, volunteers, consultants and other interested parties to provide the needed support to enterprises under this scheme to succeed and change the poverty and unemployment narrative of Nigeria. ADI is a nonprofit organization that relies on donation for its operations and does not hold a stake in any resource of the enterprise setup under this program. Project sponsors take full ownership for the projects they sponsor.
PROGRAM BENEFITS.
The project will be beneficial to participants and the society in the following ways.
- Creation of a steady and progressive income stream level for at least 100,000 direct beneficiaries.
- Creation of direct employment opportunities for 2000 persons.
- Provide indirect employment opportunities for several persons as suppliers of raw materials and distributors of products.
- Provision of interest free farm input loans to participating farmers to increase farm productivity for ready purchase by the enterprise as an off taker.
- Reduce vulnerability of engaged beneficiaries to social vices such as crime and drug abuse.
- Provision of ready market for products of small holder farmers who produce raw materials for the enterprise through backward integration.
MONITORING AND EVALUATION
The entire program is monitored by an experienced team of M&E officers set up specifically for this purpose. This team composition will be reviewed from time to time as more interest group key into the program in other to accommodate all interest group. M&E is an integral component of this program and will run alongside every project under this program.
LEGALITY
AgroPaths Development Initiative, ADI, is a registered nonprofit Social Enterprise in Nigeria with the Corporate Affairs Commission, CAC, and her assigned registration number is CAC/IT/NO 81872. ADI is also registered with the Economic and Financial Crimes Commission, EFCC, under its Special Control Unit against Money Laundering with registration number 071400292.