News Feature on Agro Market Square: Empowering Farmers and Revolutionizing the Agricultural Industry
In a recent interview with the CEO of Agro Market Square, Let’s talk agriculture gained invaluable insights into the company’s inception, its impact on the agricultural sector, and the challenges it aims to address. Agro Market Square, a prominent player in the Nigerian agricultural market, has emerged as a catalyst for change, offering unique value to farmers and the entire industry. The CEO had these to say in a Q&A session.
1. What inspired you to start a business in the agricultural sector, and what unique value do you believe your company offers to farmers or the industry as a whole?
Ans: We were inspired to start a business in the Nigerian agricultural sector due to a combination of factors. Firstly, Nigeria’s agriculture potential is immense, with a large population and vast arable land. We saw a gap between this potential to be self-sustaining and the recent projections
of food insecurity. Recognizing the opportunity to contribute to food security and economic growth, we answered the call to lend our resources and expertise to close this gap.
Secondly and most important is our desire to make a meaningful and lasting difference in people’s lives by making food accessible and affordable. Nigeria should never be in a situation where food insecurity is a concern.
Agro Market Square is well positioned to demystify the agriculture value chain by providing customers with direct access to farmers and related services. Our unique model provides the much-needed supply chain structure to reduce waste, increase market access, reduce food cost, allow traceability of quality products, and increase economic benefit for the country.
2. How has technology impacted your business and the agricultural industry more broadly? Are there any specific technologies or innovations that you’re particularly excited about?
Ans: If the agricultural sector is going to survive, then the use of Technology is a must. We can see how Hybrid seeds are providing better yields and how cold chain technology is helping reduce waste in fruits and vegetables. Technology has been a huge driver to our progress. At Agro Market Square, we have been successful in leveraging technology to replicate the informal retail sector and create structured communities for trade. We are proud of the fact that we are providing a national marketplace that exposes our customers to more options and possibilities. We also have our propriety online platform that integrates our various services to create a one stop shop for all your agricultural needs. You can visit our site for access to farmers, logistics services, inspection services, and insurance coverage. Our partnership with our financial partners provides escrow services that give our customers peace of mind when they trade. We create simplicity around the supply chain where all aspects of trade can be executed on your phone.
3. What do you see as the biggest challenges facing farmers and the agricultural industry in the coming years, and how is your company addressing these challenges?
Ans: The biggest challenges we see (at least the ones that we can help address) are limited market access and lack of value / supply chain integration. More specifically around farmers’ inability to access reliable markets and obtain fair prices for their produce, Inadequate storage, poor transportation infrastructure, and a fragmented value and supply chain.
Agro Market Square is leading the way by creating a platform for direct access across the value chain while allowing for transparency and fairness. We are also collaborating across the supply chain to limit fragmentation of services and provide a cohesive system where anyone can easily have access to Agro services. As you know, Agro Market Square has a Quality department for inspection services and a fleet of trucks that convey our products, but we also have partnerships with Kobo 360, Lori, NARTO in addition to Cold Hub for cold storage and transport, Leadway for GIT Insurance, and NAIC for crop insurance. We are truly providing a one stop shop for our customers.
4. How do you approach sustainability and environmental responsibility in your business, and how do you think the agricultural industry as a whole can work to address these important issues?
Ans: Agro Market Square’s drive to increase market access and limit waste is the first step to driving sustainability in this sector. The next step is educating the public on how to improve productivity and identify / take advantage of opportunities along the value chain. Again, we have established key strategic partnerships with firms like LIFEX Agriculture Initiative to develop free course that will educate our youth and women on opportunities and best practices in the industry.
As an industry, we know that farmer education on best practices and finance is the foundation for any sustainable solution. Through education we can improve productivity, drive technology, and understand the business side of agriculture much better.
5. What advice would you give to someone looking to start a business in the agricultural sector, and what qualities do you think are essential for success in this industry?
Ans: Starting a business in the Nigerian agricultural sector can be a great thing because of the many opportunities in this growth market. However, as with any business, one needs to be very disciplined, patient, determined, and strategic. I would advise the following:
- Know your product (what service or product are your offering and how well do you know it?)
- Know your customer (who are your audience? What is your competitive advantage?)
- Get comfortable with failing and disappointment (every business will face downturns and your success depends on how determined and resilient you are)
- Understand the business side (How well do you understand your cost and value levers and how many are you in control of to stay competitive? Take a course in key areas like finance and marketing)
- Start small to limit your risk exposure. Starting big means bigger losses if anything goes wrong. Also plan your scale up. Believe it or not, scaling up is not always easy nor is it always linear.
- Never stop learning
Agro Market Square stands as a testament to the transformative power of entrepreneurship in the agricultural sector. By bridging gaps, leveraging technology, and fostering strategic partnerships, the company is revolutionizing the industry and empowering farmers. With a clear vision, dedication to sustainability, and a commitment to educating the agricultural community, Agro Market Square is making a substantial impact on Nigeria’s agricultural landscape.
As the agricultural industry continues to evolve, Agro Market Square’s innovative approach serves as a beacon of hope, inspiring others to pursue their entrepreneurial aspirations and contribute to a thriving and sustainable agricultural sector. By empowering farmers, enhancing market access, and promoting transparency and fairness, Agro Market Square is shaping the future of Nigerian agriculture, ultimately contributing to the nation’s food security and economic prosperity.
