Gluwa x Lagos State

Gluwa is partnering with the Lagos State Government to help digitize the agriculture sector through blockchain technology.

We’re incredibly excited to announce our latest partnership with the Lagos State Government, where we will be working in tandem with the ministries of Finance, Agriculture, Science and Technology, as well as the Lands Bureau, to digitize Lagos’ agricultural sector by on-ramping physical farmlands and output into digitally represented non-fungible tokens (NFTs) in a bid to provide asset-backed loans and new business opportunities to farmers across Lagos State.

Agriculture represents the backbone of the Nigerian economy, employing over 35% of its population, with an economic value projected to reach more than $10 billion by 2025. However, the industry is in need of investment, innovation and digitization to fully unlock its growth. By identifying, recording and managing these supply chains using blockchain and digital ledger technology, Gluwa will be working with the Lagos State Government to enable new forms of digitally-enabled agricultural commerce.

Specifically, Gluwa will be developing a way for local farmers to bring their output on-chain, with an online gateway for these businesses to help them access international finance and markets. Bridging the gap between off-chain and on-chain assets through the tokenization of physical agricultural goods will improve supply-chain transparency and data traceability, while simultaneously unlocking new opportunities to interact with on-chain markets, protocols and financial services. Farmers will then be able to access new global services to sell their goods on global commodities futures markets, as well as access financing, such as decentralized loans, using their agricultural output (represented through an NFT) as collateral.

The administration of of Governor Babajide Sanwo-Olu highlighted how the new initiative will fit in with Lagos State’s overall agricultural strategy:

“We will grow the upstream sector through interventions by leveraging technologies that can lower the cost of production of value chains; focus on growing the midstream and downstream sectors that are of value and, lastly, we will improve on private sector participation by developing and initiating policies that will encourage more private investments in agriculture.”

By unlocking new forms of financing and trade, our joint partnership will help lower the costs of production and unlock private sector investment into the Lagos State economy.

Gluwa CEO, Tae Oh,

“Agriculture represents not only one of the biggest industries in both the world and Lagos, but has also lagged behind other industries in the adoption of new digital technologies. In countries with reduced visibility, bringing goods on-chain will not only improve business confidence, but also unlock new opportunities to access novel forms of financing. In particular, digitizing assets to unlock access to futures and capital financing markets will help us foster investment and growth in Lagos’ agricultural sector. We look forward to working together and improving the financial inclusion of this vital sector of the Nigerian economy.”

We look forward to a long and fruitful partnership,

Gluwa

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About Gluwa

Gluwa is an RWA platform, connecting capital from developed markets to emerging market lending opportunities using blockchain technology. By providing the decentralized infrastructure rails to raise and disburse capital anywhere in the world, investors can use the Gluwa Invest platform to partake in debt-financing deals with emerging market fintech lenders, earning up to 15% APY.