The government of Lagos, Nigeria’s southern state, plans to use blockchain technology to digitize the agricultural sector in the region.
Gluwa announced a partnership with the Lagos State Government to transform the agricultural sector. The partnership will open up new business opportunities for local farmers.
The collaboration will use blockchain technology to digitize the region’s agricultural sector assets, allowing farmers to access additional financing through tokenizing physical land. The initiative will give farmers access to the digital asset market and the ability to obtain loans secured by tokenized land.
The project’s direct participants will be:
- The Federal Ministry of Finance;
- The Lagos State Ministry of Agriculture;
- The Federal Ministry of Science and Technology;
- The Lands Bureau.
According to Tae Oh, Gluwa CEO, about 35% of the Nigerian population is involved in farming. But the agricultural sector requires more investment, not only in Nigeria but around the world. He argues that the digitization of the sector will open up access to new forms of financing, which, in turn, will have a positive effect on the country’s economy.
Lagos State Commissioner for Agriculture Abisola Olusanya said the administration of Babajide Sanwo-Olu is committed to using blockchain technology to industrialize the agricultural sector and make the state fully self-sufficient. The commissioner also clarified that the five-year plan for state development of the sector in the region includes using innovative technologies that will allow it to generate about $10 billion by 2025.
The rapid growth of the cryptocurrency industry in Nigeria has led to the fact that over 22 million people in the country own digital assets, accounting for more than a third of all crypto users in Africa.
