AltBank, FUNAAB, Tulima Launch AI-Powered Smart Farm to Boost Food Security, Drive Import Substitution
ABEOKUTA, OGUN STATE — The Alternative Bank (AltBank) has partnered with the Federal University of Agriculture, Abeokuta (FUNAAB) and Egypt-based Tulima Farms and Agri-Processing LLC to establish an AI-enabled hydroponic farming ecosystem aimed at strengthening Nigeria’s food security and accelerating agricultural innovation.
The proposed smart farm, to be sited on FUNAAB’s campus in Ogun State, is designed as a scalable, technology-driven agricultural model that integrates finance, research, and technical expertise. By shifting cultivation indoors and deploying automated, climate-controlled systems, the initiative seeks to reduce exposure to traditional farming risks such as drought, pests, and unpredictable weather patterns.
AltBank said the project will serve as a flagship blueprint for a nationwide agricultural franchise focused on import substitution, particularly through the local production of exotic vegetables that are currently imported into the country.
Leading the AltBank delegation was Ugonwa Ikegwuonu, Head of Agric Finance at the bank, who highlighted the strategic value of the tripartite collaboration.
“The synergy between AltBank’s financial innovation, Tulima’s technical expertise, and FUNAAB’s research depth creates a unique ecosystem for growth. Our goal is to transform traditional agribusiness into a high-tech, data-driven sector that creates jobs and sets a new global standard for African agricultural excellence,” she said.
In his remarks, the Vice-Chancellor of FUNAAB, Babatunde Kehinde, expressed the university’s readiness to host and drive the partnership. He reiterated the institution’s commitment to fostering impactful industry collaborations capable of delivering measurable economic and developmental outcomes.
The AI-enabled hydroponic system will utilise data-driven nutrient management, optimised water usage, and controlled-environment agriculture to ensure year-round production and consistent high yields with minimal resource waste. Beyond enhancing domestic food supply, the project is expected to stimulate agribusiness growth, create employment opportunities, and support Nigeria’s broader economic diversification agenda.
Founder and Chief Executive Officer of Tulima Farms, Mohamed Salama, delivered a technical presentation outlining the production model, investment structure, operational framework, and proposed risk-sharing mechanism. He also advocated for the formation of a cross-functional university team spanning agriculture, engineering, research, infrastructure, and enterprise development to fast-track implementation.
Tulima Farms is internationally recognised for its sustainable, high-tech indoor farming systems, including climate-controlled greenhouses and modular container farms that produce pesticide-free, nutrient-dense crops within an integrated farm-to-table value chain.
The initiative builds on AltBank’s previous agricultural interventions, including its Alfalfa trials in Plateau State, where the introduction of the nutrient-dense fodder crop has been positioned as a strategy to enhance livestock productivity and mitigate farmer-herder conflicts.
AltBank, which commenced operations in January 2014 as a non-interest banking window under Sterling Bank, became a standalone institution in July 2023 following the issuance of a banking licence by the Central Bank of Nigeria. Guided by its Advisory Committee of Experts, the bank operates in alignment with non-interest banking principles and continues to position finance as a catalyst for sustainable, innovation-led agricultural development in Nigeria and across Africa.
No comments