Gluwa Blockchain partners with Lagos State Government to digitize agricultural resources
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San Francisco, California, October 27, 2022, Chainwire
Blockchain infrastructure platform Gluwa partners with the Lagos State government to transform the agricultural sector. The move will enable digitization of agricultural assets, making it easier for farmers in the region to obtain financing.
The project will involve Lagos’ ministries of agriculture, finance, science and technology as well as the Landskontoret. These entities will support the integration of physical farmland into non-fungible tokens in an effort to provide access to digital asset-backed loans for all Lagos State farmers.
Gluwa CEO Tae Oh said: “Agriculture is one of the backbones of the Nigerian economy, employing 35% of the population. It needs to be modernized for government and the private sector to realize its full potential and the attendant benefits.”
“According to the five-year Lagos State Agricultural and Food Systems Roadmap, where the sector is estimated to generate upwards of $10 billion by 2025, it will be of immense value for agricultural assets to be identified, recorded and transacted using innovative blockchain technology.”
Speaking at the launch, the Lagos Commissioner for Agriculture, Abisola Olusanya, noted that the administration of Governor Babajide Sanwo-Olu aims to make Lagos State fully self-sufficient in the areas of wealth creation, value creation, food security and industrialization of agriculture. sector.
Olusanya said the sustainable agricultural development strategies focus on three pillars to grow the upstream sector. This will be achieved by leveraging technologies that can lower production costs for value chains, “focusing on increasing midstream and downstream sectors of value, and improving private sector participation by developing and implementing policies that will encourage more private investment in agriculture.”
About Gluwa
Gluwa is an open financial platform that connects capital from developed markets to loan opportunities in emerging markets using blockchain technology. Providing the decentralized infrastructure rails to raise and disburse capital anywhere in the world, investors can use the Gluwa Invest platform to enter into debt financing deals with fintech lenders in emerging markets, earning up to 15% APY.
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