- ThriveAgric partners with Acorn Rabobank to provide carbon credit to over 30,000 smallholder farmers in Nigeria.
- The initiative promotes sustainable farming methods like agroforestry to benefit the environment and the carbon market.
- Covering nine states, the project aims to generate $56 million for farmers and eliminate 1.3 million metric tons of carbon emissions.
Nigerian Agritech company ThriveAgric has announced a major new partnership with Acorn-Rabobank to empower over 30,000 small-scale farmers with carbon credit access in nine Nigerian states.
Speaking about the unveiling, Uka Eje, CEO of ThriveAgric, emphasised the importance. “Through partnerships like the one forged with Acorn – Rabobank, we are confident in our ability to drive positive change and create lasting impact in the lives of smallholder farmers across Nigeria.”
Why the Partnership?
The carbon credit market was valued at USD 103 billion in October 2023 and is projected to experience an average yearly growth rate of 14.8% through 2032.
Despite this global market and Africa’s vast potential for generating carbon credits due to its rich natural resources, the continent currently contributes only 2% of its capacity.
For those unaware, carbon credits are reward systems for reducing greenhouse gas emissions. These credits are typically generated through improved farming practices or forest conservation.
When an individual or company buys a carbon credit, they’re essentially supporting these emission-reduction projects.
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The carbon market is such a big market that we believe African farmers shouldn’t be left behind,” emphasised Ayo Arikwe, Chief Technology Officer at Thrive Agric.
While there is a specialised market where carbon credits are traded with opportunities for farmers globally to earn extra income, participation for low-income countries, especially in Africa, has been difficult.
The Goal
The program targets smallholder farmers in nine Nigerian states: Kaduna, Gombe, Adamawa, Taraba, Bauchi, Jigawa, Niger, Nassarawa, and Kano.
These farmers will have the chance to earn additional income through carbon credits, according to Samirah Bello, Head of Partnerships at ThriveAgric.
Moreover, the project offers several advantages beyond carbon credits. It will promote healthier soil, biodiversity, and economic growth in local communities.
Additionally, the collaboration is expected to capture 1.3 million Metric Tons of Carbon Removal Units (CRUs) and generate over $50 million in revenue from carbon credits.
ThriveAgric’s Role in the Deal
ThriveAgric will play a role in identifying and enrolling 30,000 qualified smallholder farmers across the nine target states. They will then provide training and support to these farmers on implementing practices that generate carbon credits.
In addition, ThriveAgric is building a platform, Dorewa, to help other climate-focused startups in Africa kick start their own carbon journey.
The platform will facilitate seamless carbon credit transactions, and allow farmers to list their projects, get them verified, and start earning additional revenue.
Acorn-Rabobank’s Role in the Deal
Acorn Rabobank’s role in the partnership is to provide financial and technical support to ThriveAgric and the smallholder farmers.
Additionally, they will help to develop and structure the carbon credit projects to ensure compliance with international standards and verifications.
