Nigeria’s Agrilet launches platform for farmers and microfunders
New agricultural investment platform Agrilet creates new opportunities by providing a platform for micro-investors to invest in farms and food-processing related projects.
The platform was founded by brothers, Victor Yunusa (CEO) and David Yunusa (COO) on May 2018, and launched March 1, 2019. The founders say Nigeria is an untapped potential agricultural power house, with 165 million population projected to grow to 470 million by 2050. Farmers in Nigeria struggle to increase yield, tore produce, get their goods to market on time, and secure a fair price for their produce. This is the problem Agrilet is trying to solve through its platform for microfunders to invest in farms and food-processing related projects.
Agrilet promises farmers access to a larger market, machineries, and thus improved farm inputs, and to microfunders, impressive return-on-investment, fulfillment of dreams, and thus an increased alternative source of income. The agricultural platform is targeting the $24.7 billion market in Africa, starting with Nigeria as its point of entry.
Some of its competitive edge over existing market players include a dedicated personal assistant for investors, farm assistants for farmers, and providing farmers with a truck delivery service and better market price information.