Uka Eje is the co-founder and CEO of ThriveAgric, a Nigerian fintech providing smallholder farmers access to finance, agricultural insights, and distribution assistance. In 2020, when the Covid-19 pandemic hit, the company sank into a crisis and was unable to pay out investments that users had made on its platform. Three years on, ThriveAgric has pivoted its business model and turned its fortunes around. Now, the company provides tech and value-chain support for farmers.
This interview has been edited for clarity and brevity.
At what point did you realize you had to change your business model, and how did you decide which one to work with?
After the pandemic, we learned that our business would require more structured and institutional financing for scale. After we successfully overcame the crisis, we knew we had to secure institutional funding for smallholder farmers who produce over 80% of the food consumed in the country.
What are some specific steps you’ve taken to bring resilience into your operations and business?
We have intentionally focused on building the right team by bringing on board competent human resources who have great experience and a solid track record in their various fields. As we grew rapidly, we needed to hire a well-suited risk and compliance team to ensure that all processes were followed. We strengthened our finance team to be well-suited to position the business for the nature of financing that we require — and because technology is at the core of our work, we also strengthened our tech team. We also constantly upskilled our manpower with technical knowledge.
What are some realities about the Nigerian market that you think founders and investors should talk about more often?
The first would be continuously emphasizing the potential of agriculture. Nigeria has the potential to become a major global player in the sector.
Another thing to emphasize is the infrastructure challenges that exist. Aside from processing and other value-added services, inadequate rural infrastructure — including transportation, storage facilities, and irrigation systems — poses significant challenges. The lack of reliable transportation networks and storage facilities often results in massive post-harvest losses and limited market access for farmers. This would require strategic funding efforts to control. Also, Nigeria’s agriculture sector is highly vulnerable to climate change, including irregular rainfall patterns, desertification, and increased pest and disease outbreaks. These factors pose a threat to agricultural production, particularly in vulnerable regions.
