How can crypto impact agricultural financing?

[iBaba]

In Nigeria, we are currently in the raining season which is the period when the nation experiences massive agricultural flourishes that comes with the rainfalls and fertile lands. Nigeria is a country that has a huge economic drive in agriculture as an alternative to the oil and gas sector, yet we have underutilized tapping into this huge investment opportunity due to some underlying issues that have truncated a smooth agricultural practice. The main issue is agricultural financing but some of these issues are as follows:

1. Lack of agricultural financing by the government such as injecting substantial funds as investments into the sector to bolster the food production significantly.

2.Governments negligence to creating access to loans and grants to smallholder farmers which will enable them to work efficiently and becomes a backing to their trades.

3. The neglected actions of government towards climate change and how that has affected our farming practices and results this season. For weeks, there was a low rainfall recorded in most part of the North where there are lots of agricultural practices and arable farmlands.

4. Insecurity within farming regions such as the farmers and herders clash in the food basket of the Nation (Benue State) amongst other parts of the country which have impacted negatively on the good availability in the country.

If we must improve our GDP and overall economy of the country, we must learn to make use of our natural resources to diversify our economy and bring about sustainability.

I always wonder how cryptocurrencies can be applied in community funding for Agricultural Financing and to curb insecurity in agriculture. Initiatives such as collective funding, rotating savings and credit associations as well as agricultural cooperatives?

[Hewlet]

I always wonder how cryptocurrencies can be applied in community funding for Agricultural Financing and to curb insecurity in agriculture. Initiatives such as collective funding, rotating savings and credit associations as well as agricultural cooperatives?

you know say the problem of lack of support from the government on the agricultural sectors no be just say them de allocate the money to the sector but the process of receiving the money no de transparent. If na that one be the case, then, receiving the allocation through crypto when be say all transactions go de visible for the public to see for de reasonable. But this one, the corruption de too multi dimensional in such a way that we're not even sure that the allocation that's said to be going into the agricultural sector is actually going there and even if it goes to that sector, wetin those ministers de do na to still take out thier own percentage from the money then give small portion to few local farmers take pictures with them and give out a huge amount as what they've spent so far.

If like say na through crypto the transaction from the ministry of agriculture de go through, The ability to monitor transaction go lead to a high level of accountability and transparency in the ministry but you and I know say anything when go fit allow you monitor how the government de utilize public funds no go de allowed to survive for this our country. Even BIVAS when for help the electionary system to de transparent no fit work for our country because we de used to illegality and untransperent means of doing things.

The only way we fit use crypto support the agricultural sector na say if you de earn in crypto you fit decide to invest part of your money for the agricultural sector if you see a reasonable opportunity when fit fetch you good profit if not nothing seriously come out pass that one.

[Smartvirus]

No be lie say, the economic drive for we nation don experience a major shift way don push focus from Agriculture to the Oil sector as, na watin Dey generate the most for oil producing nations around the world today and Nigeria despite say, we be one of these Oil producing nation states, we never use am in a way way e go reflect for our economic wella due to looting.

However, some of the issue way you present here, e no really be as I see am.

The main issue is agricultural financing but some of these issues are as follows:
1. Lack of agricultural financing by the government such as injecting substantial funds as investments into the sector to bolster the food production significantly.

2.Governments negligence to creating access to loans and grants to smallholder farmers which will enable them to work efficiently and becomes a backing to their trades.

On the funding matter, is this really true?
One thing there be say, the means to acquiring these grants and loans Dey difficult but even what is more worst be say, the few way get access to this money, them no Dey use am do watin them suppose use am for. Not even 50% of the money Dey go into agriculture instead, them Dey carry am solve their immediate matter and forget it.

Why is this possible, the government no get any form of regulation to push these guys towards ensuring proper utilization of this money. The few way exists just aren’t ready to work and wan chop their own commot then, the problem remains.

[Odohu]

The major problems facing the agricultural sector is insecurity and corruption with the former being the biggest threat to our food security. On the aspect of insecurity, there is really little that cryptocurrency can do because it is the duty of the government to secure lives and properties and as they have failed to do so, the farmers are paying huge prices for it. The area I think cryptocurrency can help is in fighting corruption that have hindered the flow of capital from the government to the farmers. Government, through the Bank of Agriculture have made several intervention to fund farmers but due to bad players in the system, the funds hardly go to the rural communities where farming is done but end up in the stomach of the people in Abuja. Through cryptocurrency, this can be corrected and the funding will be able to reach the people involved directly. Cryptocurrency can also be very helpful for farmers cooperative society which is how most farmers access funding.

[Princess Leah]

No be lie say, the economic drive for we nation don experience a major shift way don push focus from Agriculture to the Oil sector as, na watin Dey generate the most for oil producing nations around the world today and Nigeria despite say, we be one of these Oil producing nation states, we never use am in a way way e go reflect for our economic wella due to looting.

However, some of the issue way you present here, e no really be as I see am.

Due to bad governance looting done become normal thing by government officials whereby government go allocate funds to different ministry to develop their various sectors and promote economic growth but the some workers go dey embezzle public funds then come up with excuses without some of those ministries giving accounts of the funds.
 
 Take for example, sometime ago for the ministry of education when one jamb clerk claim say snake swallow 36 million naira and the ministry of education been no fit give account of the money if not for the intervention of the EFCC. Now Cryptocurrency through the help of Bitcoin blockchain go provide transparency come make sure dem go give account of the allocated funds in case them embezzle am.

 Eh go help for every sector including the ministry of Agriculture, because funds wey government allocate through Bitcoin to that sector, dem go use am accordingly without being looted due to the security and transparency of Bitcoin. Also eh go enable fast transactions between farmers and consumers  including the fact say eh go enable easier and faster mode of payment when government wan import farm tools for farmers.

[Smartvirus]

Take for example, sometime ago for the ministry of education when one jamb clerk claim say snake swallow 36 million naira and the ministry of education been no fit give account of the money if not for the intervention of the EFCC. Now Cryptocurrency through the help of Bitcoin blockchain go provide transparency come make sure dem go give account of the allocated funds in case them embezzle am.

 Eh go help for every sector including the ministry of Agriculture, because funds wey government allocate through Bitcoin to that sector, dem go use am accordingly without being looted due to the security and transparency of Bitcoin. Also eh go enable fast transactions between farmers and consumers  including the fact say eh go enable easier and faster mode of payment when government wan import farm tools for farmers.

When it comes to transparency, no be lie say, the Blockchain technology offers an unquestionable method to these ledger but, where wahala still Dey be say, these corrupt practices is extended to the chain and layers of the whole production processes. Where even the contracted company Dey play a part just to ensure they get the contract in the end. It’s a monopolistic method of getting things done with the sole objective being looting.

The problem no be only for funds allocation. As it is for this Tinubu regime, state allocations Dey very high and there have been very little to show for it from several governors. I no go say all of them no Dey try but, na very few.

When the funds are not being used to better the state, the increased allocation just becomes useless. E just Dey increase the funds for the loot. Na really accountability be the main issue here as, people need Dey transparently relay watin them use the money do and where e Dey follow enter.

[Marvelockg]

Insecurity, lack of proper financing and government negligence have been the major hindernace the agricultural sector has witnessed over these years coupled with the diversion of interest into oil and gas industry which has also made best brains that are supposed to focuse on such sector to shift area of interest leaving elderly people to dormainate this sector.

Even if crypto has the potential of changing the agricultural sector, as long as people's interest have changed most expecially the youths that knows how crypto and the blockchain technology works, it's going to be deficult to see that level of revolution in the agricultural sector.

Most of what is needed to make the agricultural sector up and running are things the government should be responsible for and they aren't things that are even too complex like using the blockchain technology to aid the financing of agriculture. Just give farmers loans at a subsidized rate,  push in more funds into the ministry and ensure the funds is put into good use and then encourage the younger ones to go into the sector and paint a good image of what it looks like to start a carrier in agriculture and you will witness a lot of positive change and impact.

Financing agriculture is good but setting up a system that helps it work well and that makes it look more attractive will have greater impact.

[Kelward]

I always wonder how cryptocurrencies can be applied in community funding for Agricultural Financing and to curb insecurity in agriculture. Initiatives such as collective funding, rotating savings and credit associations as well as agricultural cooperatives?

If like say na through crypto the transaction from the ministry of agriculture de go through, The ability to monitor transaction go lead to a high level of accountability and transparency in the ministry but you and I know say anything when go fit allow you monitor how the government de utilize public funds no go de allowed to survive for this our country. Even BIVAS when for help the electionary system to de transparent no fit work for our country because we de used to illegality and untransperent means of doing things.

The only way we fit use crypto support the agricultural sector na say if you de earn in crypto you fit decide to invest part of your money for the agricultural sector if you see a reasonable opportunity when fit fetch you good profit if not nothing seriously come out pass that one.

I don also reason how cryptocurrency go take help in the growth of agriculture for di country and I see say na for only in terms of transparency and accountability e go help. Aside from di transparency for di Blockchain to eliminate chances of corruption, di rest of di things wey di agricultural sector go take boom for di country for macro level na our government go make am happen. To fund di agricultural sector, provide security for di farmers against bandits and to give dem grants, cryptocurrency no go fit to do any of this important things because na alternative cash I'm be. Na only di government and established institutions go fit to make am happen. I no say e go de hard to implement di use of cryptocurrency in the finance of di agricultural sector because dem no go fit to easily embezzle money again.

[Zigabel]

@OP you talk about some point wey  be say government suppose give farmers loan and all of dat but e com be say dem no give dem and e com be like say e dey follow wori we agriculture for we country, you talk about insecurity which na true, na one big problrm for we agric sector for we economy too and all dis tinz u com dey reason how we fit use crypto help d mata make evrwhere for good, one truth be say if u carry bt cor any coin give famers or any body, e no go help but one means me i see say we  fit use creypto help we agric sector na touse am raise funds, i know say dis no make sens as a i talk am but wait make i explain.

if like all dis crypto projects wey we dey see around wey dey get dia reasons and backings we run one crypto agro project wey be say we dey look into the future and we dey run am for d long term, i believ say e go work, jus like dem tapswap and notcoin wey be say pipo rush put head, we fit generate a sustainable project with a very good name and create a solid agro community wey go back am up den every proceed we go channel am towards funding of several genuine agro projects around d country without government interference and when pipo c dat d coin dey do well based on d blue print, even foreign investors go wan invest for d coin sef and dia go dey a steady means to dey generate funds for farmers and even fund external security outfits strictly for farmers wey be say go dey effective, no be everything b government. even if we wan use btc sef na small brainstromig we go do den we go creat a node with whic e go be for d project but pipo fit invest in d project through btc.

[CryptoHeadlineNews]

The truth of the fact is that inasmuch as Bitcoin is a decentralized digital currency, and a medium for store of value for the future, let's not forget that it's just a mere currency to execute transaction, and not a tool that performs magic, because agriculture in this country has it's primarily major problems, and until that is solved amicably, there is nothing Bitcoin can do about it, but rather, it can only serve as a means for farmers to execute transaction anonymously.

So, the things Bitcoin can not do are as follows;

Bitcoin can not force government to release funds for agriculture if they don't want to, or neither will Bitcoin force government to give out loans to small/medium/large scale farmers who needs it for agricultural purpose, if they don't want to.

Bitcoin is not the police or army to fight insecurity, because until such menace of insecurity is handled amicably, even if Bitcoin is made a legal tender in Nigeria today, same food scarcity will still exist, simply because it's primarily purpose wasn't solved.

[Abu-Naim]

Nigeria is among the best country with fertile land that grow almost all type of crops which if some advance countries will have, they will have used it for the development of their country's economy, which will actually yield a very high GDP and it will help the country to eliminate or reduce poverty as well as unemployment, but in Nigeria, the case is different due to bad governance and corruption.

I always wonder how cryptocurrencies can be applied in community funding for Agricultural Financing and to curb insecurity in agriculture. Initiatives such as collective funding, rotating savings and credit associations as well as agricultural cooperatives?

In country like Nigeria, I don't see any means of such support and sponsorship through cryptocurrency to farming and agriculture in general because the Nigerian government is yet to legalize cryptocurrency as a legal tender in the country, therefore, I don't think there is any means of help from cryptocurrency to curb insecurity in the country.

[Churchillvv]

Having thought of it, I feel there is no way around that than personal investments, bitcoin or another cryptocurrency would only serve farmers on international payments but when it comes to support outside transactions its not obvious on how cryptocurrencies can aid farming but if critically thought of you might be able to figure put a way around it.

Let's crack the head a little!
Let's say if a farmer has a little capital that he or she can invest in bitcoin or cryptocurrency since bitcoin is more of a long term investment they can take a  part of the little profits they make from the farm products to put into bitcoin instead of saving this profits in banks where it would loss value over the years they can put them in bitcoin. which is one way the cryptocurrencies can support the farming industry in Nigeria.

Another way cryptocurrencies can help the farmers or the agricultural industry of Nigeria is, since we have crypto traders this days who are looking for investors, we can find one who is realistic and reliable to an extent and invest or agricultural funds that is made outside governmental support and invest in those traders having an agreement on how it should be handled of course we know how this things works they can generate a profit that is if the trader is good at what he does then this can be a way to make a good capital and a support for agriculture in Nigeria.

[nelson4lov]

The only way I see crypto helping with funding agricultural ventures is of the owners apply for financial grants to some blockchain ecosystems. Because Blockchain is the core technology itself and according to the original vision for Bitcoin, it was supposed to be paramount and the price, secondary. The price is the added benefit or bonus.

Where Crypto can actually help is if some part of the agricultural procedures and operations are handled on the blockchain rather than on a centralized platform.

Crypto wasn't made to be used for funding initiatives.

[Anayochukwu]

I always wonder how cryptocurrencies can be applied in community funding for Agricultural Financing and to curb insecurity in agriculture. Initiatives such as collective funding, rotating savings and credit associations as well as agricultural cooperatives?

Initially I would have said that crypto has nothing to do with agriculture and just like @nelson4lov said that "crypto wasn't made to be used for funding initiatives" as it's primary Purpose is to serve as a decentralized digital Currency. However, over time the crypto space has evolved and it's now possible to use crypto for fundraising. So the only way I know crypto can help impact agriculture is By fundraising and donations as it will empower farmers with limited resources, promote sustainable agriculture And build a more food secure future.

[Miles2006]

We all know agriculture education have been neglected badly knowing the fact Nigeria operate with just one source (Mono-cultural Economy). I basically don’t care about the oil sector because if Nigerians depend only on oil production not everyone will be able to feed, ex president once said farming is good and Nigerians should go into farming but my question is not all Nigerians can easily farm without financial funding etc.

Different issues associated with agriculture including climate, when it comes to weather condition this is the worst impact on farmers, knowing when to plant can really help like seasonal crops should have a time duration like you made example of raining season. Raining season can also affect few crops that’s why farmers intend to harvest now. Secondly funding agriculture education is what I don’t joke with each time such discussion comes up, knowledge is power that’s why you see most rural farmers complaining about their crops growth. Agriculture knowledge is so broad and complicated at times, knowing the chemicals and fertilizers for different plants and farm production can help as well.
Asking if bitcoin can stand as a means of financial funds in agriculture sector today, personally yes bitcoin can be available at the moment if the government decide to make use of bitcoin but we should not forget Nigerians will always act selfish mostly people in such situation handling the money. Since predicting bitcoin is so hard likewise humans, what’s funny is the money might not get to those farmers because companies who handle such contract can still decide to include a third party just for selfish gain. I disagree if using crypto only can help strengthen the agriculture sector, what really matters is farmers should receive every possible care without cheating the process and it’s also a choice if farmers should invest or not.
 

[Odogwu-Blockchain]

Firstly, agricultural sectors extremely needs a lot of effort and support system both from individual and governmental institutions. Now, for subsistence farming, a simple activities done by a farmer is solely for himself and family where there is a lot of individual work force as input by the family on a daily basis. Agricultural production needs a lot of support from the government if the purpose of farming is truly commercial on a large scale because shortage of facilities, tools, chemical fertilizers, can cause severe breakdown on productivity.

Secondly, there is no native blockchain based token that is used for governing the agricultural sector, used for Decentralized Autonomous Organization(DAO) where farmers can use the token to decide, predict and vote on what is actually their own opinion.

I always wonder how cryptocurrencies can be applied in community funding for Agricultural Financing and to curb insecurity in agriculture. Initiatives such as collective funding, rotating savings and credit associations as well as agricultural cooperatives?

The development of agriculture based token will solve this problem, where every farmer as well as producers, consumers and government will have to purchase the token to decide, vote, initiate ideas into the agricultural sector if need be, thereby forming Decentralized Autonomous Organization, DAO. These token can then used by the team for funding, savings, granting loan for developers for upgrading the token and the system.

[Mr.right85]

Secondly, there is no native blockchain based token that is used for governing the agricultural sector, used for Decentralized Autonomous Organization(DAO) where farmers can use the token to decide, predict and vote on what is actually their own opinion.

I always wonder how cryptocurrencies can be applied in community funding for Agricultural Financing and to curb insecurity in agriculture. Initiatives such as collective funding, rotating savings and credit associations as well as agricultural cooperatives?

The development of agriculture based token will solve this problem, where every farmer as well as producers, consumers and government will have to purchase the token to decide, vote, initiate ideas into the agricultural sector if need be, thereby forming Decentralized Autonomous Organization, DAO. These token can then used by the team for funding, savings, granting loan for developers for upgrading the token and the system.

Your insight on this matter is spectacular and unique although, I still find a problem in this as, the basic level to the agricultural sector is most likely not going to have a part in this.
Given that, majority of these guys haven’t got the slightest idea of what cryptocurrencies is about or this and that tokens. Hence, they don’t get to participate in the event that we have these things in place and am referring to the subsistence farmers whose produce is mainly for personal use.

[Odogwu-Blockchain]

The development of agriculture based token will solve this problem, where every farmer as well as producers, consumers and government will have to purchase the token to decide, vote, initiate ideas into the agricultural sector if need be, thereby forming Decentralized Autonomous Organization, DAO. These token can then used by the team for funding, savings, granting loan for developers for upgrading the token and the system.

Your insight on this matter is spectacular and unique although, I still find a problem in this as, the basic level to the agricultural sector is most likely not going to have a part in this.
Given that, majority of these guys haven’t got the slightest idea of what cryptocurrencies is about or this and that tokens. Hence, they don’t get to participate in the event that we have these things in place and am referring to the subsistence farmers whose produce is mainly for personal use.

The subsistence farmers actually can decide if they would form a DAO or not because it's not compulsory and may or maynot have any effect on their production. This idea of DAO in the agricultural sector will only function properly in the governmental institutions where everything will seems decentralized and not tampering with the native token, that alone will benefit the system to create savings, granting loans, finding developers and more, what do you think about this?

[Bright0515]

I no see any possibility or any impact as to how crypto fit take help the financing of agriculture for the country at all.

Our country people too still dey try their possible best when it comes to agriculture despite the negligence of the government, one point when really dey obvious here as to why the government no value agriculture na two things wey I go try to highlight here now with the small knowledge and understanding wen me I get concerning the matter.

1=Importation of foreign goods. Nigerian government Dom really dey used to Importation of goods especially foods and this one come make them think say Nigeria products no dey standard them come see farming as something for the common people. But that one no good, before china economy boost like this their government make sure say them produce things on their own consume their goods and also make high export rate and low import rate, so wetin I dey try talk until our government trust in our own home made products then them go put eye for this farming system.

2= Petroleum . Nigerian government dey focused on petroleum now far as oil dey them see am as the only thing wey fit bring income for the country and that one na selfish desire because them no dey reason the citizens wey no get access to this oil funds.
That na my own thoughts.

[Dzwaafu11]

4. Insecurity within farming regions such as the farmers and herders clash in the food basket of the Nation (Benue State) amongst other parts of the country which have impacted negatively on the good availability in the country.

This is one of the most important things the government needs to look into when it comes to agriculture in this country. Many regions where their only source of income is farming have been getting problems so far, and it is due to a lack of security in the country, especially in the northern part of the country. Many villages have immigrated to cities and other parts of the country because they are not secure in where they are. We have seen many farmers being kidnapped while they are on their farms, which is very bad. 

I always wonder how cryptocurrencies can be applied in community funding for Agricultural Financing and to curb insecurity in agriculture. Initiatives such as collective funding, rotating savings and credit associations as well as agricultural cooperatives?

Did you think this will be possible in this country? This can be done if the government of a country approves crypto currency in that region or country at large, since they are the ones that can fund the agricultural sector.