Startup Review: FarmPowerng Gives You Up to 35% Returns on Agric Investments
FarmPowerng is leveraging recent technology to boost indigenous agriculture in Nigeria. The Agritech company supports local farmers with funds from private investors to facilitate wholesale production and sales of livestock (broilers, goat, pigs, cattle) and cash crops (cucumber, plantain, maize).
Indigenous farmers in Nigeria usually cannot afford the high costs associated with commercial farming and are therefore limited to small-scale production. Farmpowerng addresses the challenge by providing rural farmers with access to premium quality farm products such as fertilizers and herbicides as well as ultra-modern machinery including tractors, harvesters and planters.
Investors with Farmpower can earn up to 35% return on investment (ROI) depending on which of the farm plans they invest in. Individuals simply have to sign up via the Farmpower website on their mobile phone or computer and can select the preferred farm unit(s) they want to fund as an investment.
Farmpower is an Agri-tech platform which offers a web app through which private investors can fund the large-scale production of livestock and cash crops to empower local farmers and give the investors commensurate returns on investment (ROI). The company is insured by Leadway Assurance Limited and has its office located in Akoka, Yaba, Lagos.
Farmpower began operations in Nigeria early this year. Speaking to Technext on the company’s model, Farmpowerng Operations Manager, Mayowa Majaro said: “Farmpower is an Agritech company that offers production and sales by empowering local farmers with funds from private investors to produce at a big capacity and give the investors returns on investment (ROI) depending on which of the plans they invest in.”
Impact: Farmpower is Supporting Hundreds of Farmers Across Nigeria
Farmpower says it is currently working with about 200 livestock and cash crop farmers across Nigeria. The Agritech company is cultivating a rice farm in Niger state with over 70 rural farmers at work. Farmpower is also making plans to start a rice processing program whereby farmers can have their paddy rice processed and packaged for sale by the company.
According to Farmpower, some farmers who already own their farms are then equipped with necessary funding capital. Those who do not own farms work on the company’s farmlands. Farmpower also reduces food wastage by connecting farmers who generate much harvest to Agro-allied companies that purchase their produce.
Farmpower says it has up to five (5) expansive farmlands across the country where farmers grow maize, cucumber and plantain. The company is working to enhance the level of food security in Nigeria and Africa at large.
We all know a lot of Nigerians live below poverty line (that is they live below $1 per day). We cannot alleviate poverty by ourselves but we can play a big part, by ensuring food is available to everyone to eat. We are leveraging on our farms to achieve this, that is why we are into both livestock and crop production to cover all areas of food.FarmPowerng
Farmpower Offers Investment Products with 25-35% ROI to Individuals
Farmpower provides individuals with investment options from a variety of farm shops listed on its platform. Currently, the company has seven (7) farms open for investment on its website.
Investors can log on to the Farmpower website to purchase investments in the pig, goat, poultry and/or fish farm for livestock as well as maize, cucumber and plantain for cash crops.
While speaking to Technext on the company’s investment model, Farmpower Operations Manager, Mayowa Majaro said:
The ROI varies from 25% to 35% interest and each investment has its own duration. There are plans for six (6) months, nine (9) months or twelve (12) months.
Farmpower gives investors 20% ROI on poultry and fish farms after 6 months. 25% ROI is obtainable for investments in goat farms after 6 months and snail farms after 9 months.
Investors also get 25% ROI on maize and cucumber farms after 9 months. Pig farms yield a ROI of 35% for investors per annum. Farmpower offers a number of slots for each farm plan. The minimum amount that can be invested is N50,000 while the maximum amount is estimated based on the number of slots available to be bought out for each farm.
Farmpower has designed its business model to be affordable, flexible and profitable for private investors.
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