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ThriveAgric Raises $56.4m Debt Funding, Accelerates pan-Africa Expansion Plans

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ThriveAgric, a fast-growing technology-driven agricultural company, has raised $56.4M in debt funding from local commercial banks and institutional investors.

The raise also included a co-investment grant of $1.75M from the USAID-funded West Africa Trade & Investment.

The new investment will enable the company to grow its 200,000+ farmer base, and expand into new African markets, including Ghana, Zambia and Kenya.

Founded in 2017 (and fully operational since 2018), ThriveAgric empowers farmers in Nigeria to sell their products to FMCGs and food processors, leveraging its proprietary technology to access finance as well as improve productivity and sales to promote food security, The technology, an Agricultural Operating System (AOS), works entirely offline, dispatches USSD to farmers, and powers Android apps used by field agents to help digitally collate creditworthy farmers and gather relevant farm data.

This latest funding follows $9m the company raised in 2020. Over the past 12 months, ThriveAgric’s revenues have increased five-fold, with a year-on-year increase of 277% in farmer numbers. The strong margin performance was boosted by farmers using the company’s AOS proprietary product.

The company supports Africa’s agriculture sector by assisting smallholder farmers in producing high-quality grains. Harvests, including maize, rice and soybeans, are stored in many of the company’s 450+ warehouses in Bauchi, Jigawa, Kaduna, Kano and Katsina states in Nigeria, before being commoditized and offered to local and global trade markets at a premium price.

Commenting on the impact the funds will have, Chief Executive Officer Uka Eje, said, “The new investment takes us one step closer to fulfilling our mission of building the largest network of profitable African farmers using technology, to ensure food security. We look ahead with renewed confidence knowing that our smallholder farmers will benefit financially even more from this new investment.

Despite a volatile backdrop over the past few years, brought about by the global pandemic, ThriveAgric witnessed temporary payment disruptions to our retail crowdfunders.

However, we were able to overcome those challenges within a year and maintained company profitability. Our solid financial performance underscores investors’ faith in ThriveAgric.

“It is great to see that the market has overwhelmingly backed our farmers and they are confident in the strategic decisions we have taken. ThriveAgric has increased its footprint to 20 states in Nigeria, and we look forward to a lengthy period of growth as we continue to link African farmers to capital, data driven best practices and access to local and global markets for their commodities.”

Smallholder farmers constitute over 80% of the Nigerian agriculture industry. Access to finance, advisory, and markets are significant barriers. Nearly 72% live below the poverty line on less than $1.90 a day.

Farmers assisted by ThriveAgric can charge premium rates for their commodities, allowing them to increase their incomes up to 25 percent.

At the height of the global pandemic, business and supply disruptions prevented ThriveAgric from fulfilling obligations to its subscribers, leading to swift appointments of key personnel, including Olurotimi Arigbede, Chief Financial Officer and Michael Kadiri, Head of Risk Management and Compliance. Under the strengthened management structure, the company settled all outstanding disputes with subscribers.

Ayo Arikawe, ThriveAgric Co-founder and CTO, said, “ThriveAgric’s fundraising objectives are geared towards growth through vertical and horizontal integration. One of our goals is to be able to widen access to markets for our smallholder farmers, help to lift them out of poverty, and ultimately promote food security.

“We do this by enabling them to take their produce to local and international markets. We’re thrilled and excited to receive support from such high calibre investors. Their financial backing is an essential step in fulfilling ThriveAgric’s vision to build an Africa that feeds herself and the world.”


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Nigeria Connects National Electricity Grid to West Africa Power Pool

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Nigerian Independent System Operator (NISO), in collaboration with the West African Power Pool Information and Coordination Centre (WAPP-ICC), has successfully conducted the long-awaited synchronisation test between the Nigerian power grid and the rest of the West African power network.

Nigeria Connects National Electricity Grid to West Africa Power Pool

The test marks a major milestone in the ongoing efforts to establish a unified West African electricity grid operating at a single frequency.

In a joint statement signed by  Mr Adesegun Akin-Olugbade, chairman of the NISO Board, and Mr Abdu Bello Mohammed, managing director,  the breakthrough connects Area 1, comprising Nigeria, Niger Republic, and parts of Benin and Togo—with Areas 2 and 3, which cover the rest of West Africa.

This achievement effectively creates a single operational grid that enhances reliability, stability, and cross-border energy exchange across the ECOWAS region.

According to the statement, “The initiative aims to achieve operational unification of the regional grid, improve system reliability through shared reserves, enable cost-effective power generation and trading under the West African Electricity Market (WAEM), and strengthen institutional cooperation among member system operators.”

Highlighting the national significance of this milestone, the NISO Managing Director said, “For Nigeria, this achievement provides multiple benefits, including unlocking stranded generation capacity, enabling energy exports and foreign exchange earnings, improving grid resilience, and reinforcing the country’s leadership role in regional energy integration.”

According to him, the initiative would also open access to donor funding for priority transmission projects such as the North Core Project in Birnin Kebbi and the Ajegunle 330 kV Substation in Lagos State, south-western Nigeria.

“The successful exercise was made possible through renewed coordination, enhanced system monitoring, stricter frequency control, and real-time communication among participating regional control centres.

“This development not only strengthens the foundation for cross-border electricity trade but also boosts investor and donor confidence in ongoing regional infrastructure projects, including the North Core Transmission Project and other grid expansion initiatives,” the statement reads.

The successful synchronisation is being celebrated as a historic milestone in West African energy cooperation and a clear demonstration of NISO’s technical expertise in managing complex power systems in accordance with international standards.

With this achievement, West Africa moves one step closer to an integrated and reliable regional power system, lighting up the future together.


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Nigeria ICT Space Set to Receive Boost as Digital Economy, e-governance Bill Nears Presidential Assent

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Nigeria is poised to take a continental lead in digital economy and e-governance as the National Digital Economy and E-Governance Bill 2025 is expected to be signed into law this week by President Bola Ahmed Tinubu.

The bill, jointly drafted and processed by the Senate and the House of Representatives, was the focus of a one-day public hearing organized by the National Assembly’s joint committees on ICT and Cybersecurity.

Senator Shuaib Afolabi Salisu and Hon. Adedeji Olajide, chairmen of the respective committees, assured lawmakers and stakeholders that the bill will be laid for third reading and passed in both chambers this week. Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, confirmed that the President is ready to give assent, describing the legislation as a key catalyst for achieving Nigeria’s projected $1 trillion economy.

“The Act from this bill will be the first of its kind on the African continent, demonstrating Nigeria’s leadership in technological advancement,” Tijani said. He added that the digital economy, which currently contributes 19 percent to GDP, is targeted to account for 21 percent by 2027 under President Tinubu’s administration.

The bill provides for the digitization of government operations, deployment of 90,000 kilometers of fiber-optic networks, nearly 4,000 new communication towers in underserved communities, a national data exchange system, and a framework for artificial intelligence adoption to enhance productivity across sectors.

Senator Salisu described the legislation as essential for regulatory clarity in electronic transactions, while Hon. Olajide emphasized its role in driving nationwide digital transformation.

Key stakeholders, including the Nigerian Communications Commission (NCC), Nigeria Communication Satellite (NICOMSAT), Galaxy Backbone, NIPOST, and the Office of the Head of Service, expressed support for the bill, highlighting its potential to serve as the backbone of Nigeria’s digital economy and e-governance framework.

 


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BHM Launches Africa’s First Comprehensive AI Ethics Framework for Media and Communications Industry

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BHM, the African communications services company, today published a groundbreaking white paper that establishes Africa’s first comprehensive AI Ethics Readiness Framework specifically designed for the continent’s marketing, media, and communications sectors.

Titled “AI Ethics in Africa’s Media and Communications Landscape: A Readiness Framework for 2026 & Beyond,” the white paper addresses the urgent need for a proactive, culturally-grounded approach to AI governance as Africa rapidly integrates artificial intelligence into its burgeoning digital landscape.

The white paper, authored by Femi Falodun, Executive Director at BHM, and PhD candidate at Kent Business School, University of Kent, reveals a significant readiness gap between the pace of AI adoption and the industry’s preparedness for its ethical challenges. Drawing on insights from BHM’s AI literacy and readiness survey of professionals across Nigeria, Kenya, Ghana, and South Africa, the research indicates that while professionals are actively experimenting with AI tools, a majority feel ill-equipped to manage critical risks.

Key findings include: 73% of respondents are only “somewhat confident” in identifying potential cultural bias in AI-generated content; 66% are only “somewhat equipped” to detect AI-generated misinformation or deepfakes; and a staggering 90% of organisations and sectors are not adequately prepared for upcoming AI regulations.

“As Africa stands at a critical ethical crossroads in AI adoption, we have a unique opportunity to leapfrog global trends and establish ourselves as leaders in responsible, human-centric AI,” says Ayeni Adekunle, BHM Founder and CEO. “This white paper is not just about keeping pace with technology; it’s about defining how AI should be used responsibly in our industry while staying true to African values and cultural principles. We are positioning Africa at the centre of global AI ethics discourse, ensuring that our voices, values, and perspectives help shape the future of this transformative technology.”

At the heart of the white paper is the OMOLUABI-AWARE Model, a proprietary assessment framework that uniquely integrates global AI standards with African cultural values. Grounded in BHM’s People Before Profit philosophy, the model draws from the concept of Omoluabi (representing moral character and ethical living) and Ubuntu principles of collective responsibility, alongside other traditional African philosophies.

The framework encompasses 13 critical dimensions, including Origin & Cultural Sensitivity, Misinformation & Narrative Control, Objective Understanding & Digital Literacy, Language & Representation Awareness, User Privacy & Data Protection, Accountability & Transparency, Bias Detection & Mitigation, Integrity in AI Interactions, Accessibility & Inclusion, Workforce Readiness, Accountable Governance, Responsible Innovation, and Ethical Leadership.

“The integration of African ethical principles with global AI standards represents a significant advancement in how we approach technology governance,” says Femi Falodun, Executive Director, BHM and author of the white paper. “This framework doesn’t just adapt Western models, it creates something genuinely innovative that reflects Africa’s unique cultural context while setting new global benchmarks for ethical AI adoption.”

The OMOLUABI-AWARE Framework serves as a first-of-its-kind source of credible local insights to aid strategic planning for marketing and communications industry stakeholders within and outside Africa. It addresses critical areas, including bias detection, misinformation control, data privacy protection, cultural sensitivities, transparency requirements, and governance frameworks, all tailored to African and emerging market contexts.

The white paper provides a strategic implementation roadmap for 2026 and beyond, with actionable recommendations for government and policy makers, business leaders and organisations, media and communications professionals, and media content consumers.

“Africa has the opportunity to lead the world in demonstrating how technology can be harnessed responsibly while preserving cultural identity and prioritising human welfare,” Ayeni adds.

The white paper serves as a call to action for multi-stakeholder collaboration to build a sustainable and inclusive AI ecosystem. It is a guide for harnessing AI’s transformative potential to not only drive economic growth but also to protect and enrich the diverse cultures and shared future of African people, positioning the continent as a global standard-bearer for ethical AI.

This milestone builds on BHM’s track record of producing industry-defining research, including the Africa PR and Communications Report, Concept of Virality, Nigeria PR Report, UK Cost of Living Report, among other projects.

The white paper is available for download at: bhmng.com/AIEthicsWhitePape


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