ThriveAgric Partners with Acorn RaboBank to Generate $56 Million in Carbon Revenue for 30,000 Nigerian Farmers

ThriveAgric, a Nigerian agritech startup, has announced a partnership with Acorn RaboBank. The partnership aims to empower 30,000 local farmers in specific states across the country.

Acorn Rabobank, the climate action arm of the 125-year-old Dutch bank Rabobank, harnesses climate change through 27 projects across the world, including countries like Ghana, Kenya, Zambia, Rwanda, and Tanzania. This collaboration between the two companies will ensure the country learns to tackle global warming or climate change.

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ThriveAgric and Acorn RaboBank Partnership to Foster Agro Practices And Carbon Markets in Nigeria

The initiative targets sustainable agroforestry practices and global carbon market development. Also, it is expected to generate $56 million in revenue for Nigerian farmers and eliminate 1.3 million metric tonnes of carbon emissions.

“The carbon market is such a big market that we believe African farmers shouldn’t be left behind,” emphasized Ayo Arikwe, Chief Technology Officer at Thrive Agric.

Africa has high potential for carbon credits but currently captures only 2% of its capacity. Agriculture, with methods like agroforestry, offers a substantial portion (30%) of this potential.

Trees absorb carbon while reducing deforestation, which has led to increased droughts, conflicts, and climate disasters. These factors contribute to pre- and post-harvest losses, reducing food availability and pushing millions into hunger.

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Advantages Of ThriveAgric Initiatives

The project will reinforce the agritech company’s mission to promote sustainable agriculture practices while providing adequate assistance for farmers and impacting rural communities. Additionally, it will tackle climate change by improving soil health, boosting biodiversity, and enhancing carbon capture.

Farmers will benefit from increased crop productivity, reduced post-harvest losses, and additional income from carbon credits and other climate-smart programs.

According to Bendada.com, Samirah Bello, head of partnership at Thrive Agrive, said, “Every farmer we’d work with has the opportunity to make additional revenue from carbon credits.”

Additionally, he said, “For example, a farmer with one hectare of land can make as much as $1,700 in revenue from carbon credits in a year.

For farms with newly planted trees, carbon credit revenue typically starts increasing after the third year as the trees mature, capturing more carbon and generating additional credits.”

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Conclusion

ThriveAgric, a startup that works with more than 800,000 smallholder farmers across Nigeria, Ghana, Kenya, and Uganda, is also building a platform, Dorewa. Dorewa will offer a solution to help other climate-focused startups in Africa kick start their own carbon journey.

Farmers can enlist their initiatives on the Dorewa platform. If the initiative is verified and accepted, they can start earning additional revenue through the platform. ThriveAgric will gain from this platform by getting a commission on every successful carbon credit transaction on the platform.

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