ThriveAgric, a pioneering Nigerian agritech startup, has unveiled a groundbreaking collaboration with Acorn Rabobank aimed at empowering over 30,000 smallholder farmers.

This strategic partnership focuses on providing carbon credits to enhance sustainable agroforestry practices and foster the development of the global carbon market. The initiative is poised to not only revolutionize agricultural practices but also yield substantial benefits for the participating Nigerian farmers, generating an estimated $56 million in revenue and mitigating 1.3 million metric tonnes of carbon emissions.

Spanning across nine states in Nigeria, namely Kaduna, Gombe, Adamawa, Taraba, Bauchi, Jigawa, Niger, Nassarawa, and Kano, this ambitious project underscores ThriveAgric’s unwavering commitment to promoting sustainable agriculture while uplifting rural communities.

“The carbon market presents vast opportunities, and it’s imperative that African farmers are not left behind,” emphasized Ayo Arikwe, Chief Technology Officer at Thrive Agric.

As of October 2023, the carbon credit market boasted a staggering valuation of $103 billion, with projections indicating a robust average annual growth rate of 14.8% through 2032. Despite Africa’s immense potential in this domain, the continent presently accounts for a mere 2% of the market’s capacity. This glaring disparity highlights the pressing need for initiatives like the one spearheaded by ThriveAgric and Acorn Rabobank.

In low-income countries, particularly in Africa, farmers often face barriers to participating in the carbon credit market, ranging from limited awareness to securing access. ThriveAgric aims to address these challenges head-on. Samirah Bello, Head of Partnerships at ThriveAgric, emphasized that every farmer involved in their program will have the opportunity to diversify their income streams by harnessing carbon credits.

“For instance, a farmer managing one hectare of land stands to earn up to $1,700 in revenue from carbon credits annually. With newly planted trees, this revenue is poised to increase over time as the trees mature, capturing more carbon and generating additional credits,” added Bello.

The collaborative efforts between ThriveAgric and Acorn Rabobank are poised to combat climate change by enhancing soil health, increasing productivity, and bolstering carbon capture. Participating farmers can anticipate improved crop yields, reduced post-harvest losses, and the integration of an additional income source through carbon credits, among other climate-smart initiatives.

ThriveAgric, which boasts a robust network of over 800,000 smallholder farmers spanning Nigeria, Ghana, Kenya, and Uganda, is also pioneering the Dorewa platform. This innovative solution aims to empower other climate-focused startups across Africa to embark on their carbon journey.

“Dorewa is designed to facilitate the entry of more farmers across Africa into the carbon credit landscape,” explained Arikwe.

Acorn Rabobank, the climate-focused subsidiary of Dutch banking giant Rabobank, is actively engaged in climate change mitigation efforts across Ghana, Kenya, Zambia, Rwanda, and Tanzania. Through collaborative ventures like the one with ThriveAgric, Acorn Rabobank is spearheading transformative change in agricultural practices while fostering sustainable development across Africa.