A commodities market participant, AFEX, has announced the launch of an ag-hackathon to enable innovators to create solutions for the development of the continent’s food and agriculture sector.
This was announced by the company in a statement on Wednesday.
According to the company, the ag-hackathon is the first activity in the third edition of the annual Code Cash Crop event, which is hosted by AFEX in collaboration with other key players in the agriculture, finance, and technology sectors.
“The Code Cash Crop event for this year, which will feature the grand finale of the ag-hackathon, builds on the success of the two previous events in 2018 and 2019,” the statement reads.
“This year’s event is set to host hundreds of top corporates and entrepreneurs from the focus sectors with panels and discussions on the optimization of trade infrastructure for agriculture on the continent.”
Taking place between April 20 – June 1, 2022, AFEX said the ag-hackathon will accept applications from individuals who are technology, finance, or agriculture enthusiasts.
Thirty applicants will be shortlisted in the first phase of the ag-hackathon, which will then take place in Kano and Ibadan.
Applicants, who will be grouped into teams, will compete for the grand prize of N2.5 million to develop their ideas, in addition to coaching and bonus resources to help them scale their innovations.
The first runner- up would receive a cash prize of N1.5 million while the second runner-up would be rewarded with N1 million.
Speaking on the initiative, Yusuf Oguntola, AFEX’s chief technology officer, said, “We believe that it is essential to nurture a culture of collaboration and innovation, especially if we are to effectively tackle some of today’s urgent agriculture challenges.”
“We are happy to receive ideas that can grow into viable solutions for optimizing agriculture trade infrastructure through the participation of the technology, finance, and agriculture sectors.”
Oguntola added that technology will be key in promoting a platform model for agriculture trade that can focus on providing access to logistics, access to advisory services, access to inputs, and access to the market, which are all key to the future of agriculture in Africa.
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