Three businesses have been awarded N10 million for evolving innovative ideas that will make nutritious food accessible and affordable for low-income consumers.
Mrs Adenike Adeyemi, the Executive Director, FATE Foundation, made the disclosure in a statement on Monday in Lagos.
Adeyemi noted that malnutrition remains a persistent challenge across Africa, disproportionately impacting low-income consumers.
To tackle the challenge, Adeyemi said that Scaling Up Nutrition Business Network (SBN), co-convened by the Global Alliance for Improved Nutrition (GAIN) and World Food Programme (WFP), collaborated with FATE Foundation to hold the 2024 SUN Business Network Pitch Competition.
According to her, the initiative seeks to ensure profitability and empower innovative entrepreneurs and businesses with game-changing ideas to increase access to affordable, nutritious food for low-income communities across Nigeria.
She added that the win-win scenario was critical to achieving sustainable progress in the fight against malnutrition.
Adeyemi noted that after a rigorous selection process, 10 promising companies participated in an intensive five-day Agribusiness Boot Camp facilitated by the foundation.
She noted that industry experts equipped them with the knowledge and skills needed to thrive.
According to her, the training covered essential topics including business model development for low-income consumers, effective growth planning, innovative marketing for nutritious foods.
Others are nutrition and food safety, food systems, investment readiness, and business pitching skills.
Adeyemi said that the personalised guidance was instrumental in refining their business models and propelled them toward the grand finale of the Pitch Competition.
“At the culmination of this exciting journey, three exceptional businesses were chosen as winners.
“They include Babafemi Adejinmi, CEO, Gatob Multintegrated Services awarded N5 million; Gideon Olaoye, CEO, G.O.A Farms awarded N3 million; and Saidat Dauda, CEO, Abisai Megatop Ltd got N2 million.
“They will not only receive a share of the N10 million prize pool but also gain access to professional financial services and business support,” she said.
She said that the comprehensive support package would empower them to translate their innovative ideas into tangible solutions that nourish communities and eradicate malnutrition in Nigeria.
Similarly, Mr Tomisin Odunmbaku, National Programme Coordinator, SBN, said the NutriPitch Competition points to how leveraging the ingenuity of Nigerian entrepreneurs could tackle malnutrition.
Odunmbaku stressed that equipping businesses with the tools and resources required to thrive would unlock a wave of innovative, homegrown solutions that address the specific needs of low-income communities.
“This is a critical step towards achieving sustainable food security and improved nutrition for all Nigerians,” Odunmbaku said. (NAN)
