Firm fine-tunes projections, harps on food security, job creation
As the agribusiness environment in Nigeria faces insecurity and COVID-19 challenges amid rising food inflation, Farmnow, an agro-tech company with thousands of subscribers, has fine-tuned its business projections and reiterated its commitment to food security, investors’ interest and job creation.
Hence, the agro-tech start-up said in a statement that it would soon disclose the projections to its farm sponsors and how their Returns On Investment (ROIs) would be disbursed.
Speaking on this development, Business Manager, Evelyn Oloyede, said the management and board of Farmnow, consulted the company’s financial advisers and unanimously resolved to fine-tune the existing business projections for sustainability purposes.
According to her, “Farmnow is in a trusted business, hence, we need to ensure that our farm sponsors have a high level of confidence in what the company does.”
While blaming the default in disbursing ROIs to some farm sponsors on the raging COVID-19 disease, insecurity, among other challenges, Oloyede explained that Farmnow, which has been able to pay at least 70 per cent of all due investments across its channels, would not stop fulfilling its promises until the 100 per cent payment is achieved.
She, therefore, urged affected farm investors to be patient and trust the process, as she expressed confidence that Farmnow would survive its challenges, and would be stronger.