News
Enextgen Wireless Builds IoT Solution for Agric Sector in Nigeria
By peteroluka
Despite the persistent challenges to IoT in agriculture in less developed regions with remote areas tend to lack communication network infrastructure, Enextgen Wireless Limited says that Nigeria can still make best uses of the new technology.
The Company disclosed plans for basic research on sensors that could be of advantage to local farmers, which could be referred to as agriculture 2.0.
According to a World Bank report, farmers need to be presented with the right incentives to buy into IoT systems, whose upfront installation costs are still quite expensive.
Enextgen Wireless is unperturbed hence the researchers are determined to tackle these challenges.
Enextgen Wireless model could follow what Mimosa Technology has done in Vietnam where it has assisted smallholder farmers to adopt IoT-enabled precision agriculture by leasing hardware devices to farmers’ cooperatives, which has helped lessen the cost burden on smallholder farmers.
Another example is Eruvaka, an Indian startup that provides IoT-based aquaculture pond management solutions to help farmers like Nguyen reduce risk and increase productivity.
Though, still at the research stage,Mr. Kola Olaosebikan, managing director of Enextgen Wireless Ltd told Nigeria CommunicationsWeekthey are working on the means of creating some sensors that could be used in the farm; “simply call it Internet of Things (IoT). We are experimenting on that now.
“For the future, that is the area we would want to focus on. Likewise, the buzz is on 5G, though it will not become commercial till 2020, but most service providers in the US are on 5G trial mood. The technology will enable a lot of things like Internet of Things (IoT)- communicating through packets of data.
“We are leveraging our small lab to investigate things along IoT. Our aim is to build solutions to assist the agricultural sector. That is our long term goal. Presently, our resources are geared toward helping the service providers ensure quality delivery,” he said.
The possibilities are endless for the Company’s new found space in the agricultural, but information is essential when it comes to deploying IoT for agriculture.
Continuing, Olaosebikan said, “Yes, research and development (R&D) is somewhat a complex situation because to have a reliable R&D the government has to pay attention to education. That will also spur individual enterprises to do much in that regard. There is also need to pay attention to the engineering studies in our academic institutions; giving the students access to measurement equipment, various network infrastructures and so on”.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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