Tech Expert Makes Case for Blockchain Disruption of Agriculture Commodity Trading

In 2019, Nigeria’s agricultural sector took a significant turn after the administration of President Muhammadu Buhari waded into the recurrent farmers-herders clash and introduced the “Rural Grazing Area (RUGA).”

The scheme was to enable the local cattle herders to practice a settled form of pastoralism, thus increasing their productivity and addressing a historic conflict with farmers.

A large part of the government plan could not materialise in the following year due to the COVID-19 outbreak that amplified the potential of the tech sector after a 15 percent contribution to Nigeria’s gross domestic product (GDP).

At the 2nd edition of The Engineering Summit Africa which was held in Lagos, experts in the Nigerian tech ecosystem offered insights on how the country can leverage tech to further strengthen the economy.

The experts proffered the use of blockchain technology as an innovative tool in disrupting the agricultural sector, especially the area of commodity trading.

The summit featured professionals from various sectors of Africa’s economy ranging from Techpreneurs, Engineers, Investors, Policymakers, and Developers.

Other guests at the event were the Deputy Governor of Lagos State, Dr Obafemi Hamzat, who was represented by the Chairman LCDA, Honorable Razaq Ajala, who reiterated the government’s commitment to promoting the engineering profession and innovations especially among young people.

Dr Hamzat, who spoke on the topic Engineering, Technology, and Economic Growth: – global view, highlighted the various roles of Lagos as well as the achievements of the state as a leading commercial city.

One of the experts, Oluwafemi Royal Aliu, the founder of MyFarmbase, an agri-tech social enterprise that leverages technology for agritech skills and entrepreneurship development.

Oluwafemi Royal spoke extensively about his efforts with international organizations in driving the use of blockchain technology in Agriculture, a revolutionary effort that saw a tripartite partnership between product-led digital finance banks like Sterling Bank PLC, Binkabi, and AFEX.

Apart from his efforts in training over 10,000 youths on digital agriculture for unlocking Agritech and Agribusiness job and entrepreneurial opportunities, he spoke extensively about what the future of Agriculture will look like when technology drives food security in Africa.

Oluwafemi Royal said blockchain technology will digitise commodity trading and export will “help drive more paperless transactions and improve turnaround time thereby increasing the bottom line for both trade and export. The engineering aspect suggests that new jobs of high demand will emerge that will require new blockchain engineers to build multiple digital trading platform on Ethereum.”