Gluwa Plans to Modernize Lagos Agricultural Sector Using Blockchain Technology

Gluwa, an open finance platform that connects capital from developed markets to emerging markets using blockchain technology, has disclosed its plan to partner with the Lagos state government to transform the state agricultural sector.

With a plan to digitize agricultural assets, the startup has expressed its commitment to ensure that Lagos State becomes fully self-sufficient in areas of food security amongst others. This, it said would be achieved through the deployment of its blockchain technology.

This was disclosed by the Chief Executive Officer of Gluwa Tae Oh while speaking at the launch of the Agricultural and Food Systems road map in Lagos state.

He said, “Agriculture being one of the backbones of the Nigerian economy, with only 35% of the population employed, the agricultural sector must be modernized for the government and the organized private sector to realize its full potential and enjoy its benefits.

“According to the five-year Lagos State Agricultural and Food Systems road map, where the sector is projected to generate upwards of $10bn by the year 2025, it will be of immense value for agricultural assets to be identified, recorded, and traded using innovative blockchain technology”.

Gluwa’s CEO further disclosed that the project will entail partnering with the Lagos State ministries of agriculture, finance, science and technology as well as the lands bureau on the integration of physical farmlands into non-fungible tokens, to provide access to digital asset-backed loans for all Lagos State farmers.

Investors king understands that Blockchain technology is currently used in the agricultural sector in different parts of the world, due to its ability to track the provenance of food, thus creating trustworthy food supply chains which help to build trust between producers and consumers.

Reports reveals that 1.7 million Lagosians are food insecure, hence deploying blockchain technology in the state Agricultural sector will improve production output, thereby ensuring food security.