Farmchain, an Agritech Startup in Nigeria has concluded a partnership deal with the Moringa farmers association of Nigeria to ensure that all Moringa product from Nigeria to local and international market are traceable from farm to the consumers using it’s blockchain traceability solution.
This announcement was made at the Niger/Delta Moringa Summit held on October 15th, in the oil rich city of Port Harcourt.
During the presentation of the food traceability solution to the attentive audience, Farmchain CEO, Golomo Stanley stressed on the reasons for the current demand on traceable food product in the international markets to include among others, the recent United Nations emphasis on global Food Safety and the benefits of Moringa traceability to both the farmers, the consumers and the economy. The global Moringa market size is valued at $6B+ with India alone dominating the market supply with More than 60% share of the market, while Africa is the second with Ethiopia topping the chart in terms of market share.
Nigeria market share is expected to be valued at about $300M with just few farmers in the sector which is an indication of enormous potentials yet to be untapped and demand for Nigerian Moringa products is expected to rise due to increase in consumers confidence as a result of traceability, and that commodity value chains like Cocoa, oil palm and others will soon be on boarded for traceability with proposed partnership with NAFDAC and Nigeria Export Promotion Council for the Nigerian local and export market and all other necessary standard and certification organizations in the international markets.
Stanley further explained that the blockchain technology is adopted for the traceability solution due to it’s immutability and transparency and other features of the Dapp includes farm inventory records and tracking and supply chain management, and that the MVP is currently on private beta.
Participants at the summit included representatives from federal government agencies and finance institutions like the Nigerian Export Promoting Council (NEPC), National Directorates Of Employment (NDE), Central Bank of Nigeria (CBN), Bank Of Industries (BOI), Bank Of Agriculture (BOA), First City Monument Bank (FCMB), Nigeria Incentive-Based Risk Sharing System For Agricultural Lending (NIRSAL Plc), Dunergy Agro Allied Ltd, NADANA and different farmers corporatives who were interested in joining the Moringa Farmers.
These agencies and institutions explained their roles in the agric value chain to the Moringa Farmers and how the farmers can work with them to access facilities from them to carry out their farming and processing activities successfully while making their presentations.
The leadership of the Moringa Farmers Association Of Nigeria had earlier urged all existing moringa farmers and processors in the association to sign up for the farmchainville traceability on their Whatsapp forum, and at the end of the summit, the farmers and all stakeholders expressed their delight and readiness to work in the Moringa value chain and in partnering with Farmchain Ltd for traceability and other services.