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Nigerian agricultural technology company ThriveAgric and Acorn, a carbon removal program by Dutch bank Rabobank, have joined forces in a pioneering venture set to empower over 30,000 smallholder farmers across nine Nigerian states, while combating climate change.
This strategic collaboration aims to facilitate the sequestration of 1.3 million metric tons of Acorn’s carbon removal units (CRUs), generating over $50 million in carbon credit revenue.
The necessity for such a partnership stems from Africa’s underutilization of its annual carbon credit potential, with agriculture holding the key to unlocking 30% of this potential, ThriveAgric said in a statement last week.
However, deforestation activities have impeded global green initiatives, leading to conflict, heightened drought, and climate-related disasters.
Consequently, food scarcity has affected approximately 17 million people as of 2022, emphasizing the urgency of initiatives fostering sustainable agricultural practices to support farmers and rural communities.
According to ThriveAgric, this holistic approach to agricultural development addresses environmental, economic, and social challenges while fostering long-term sustainability and resilience in farming communities.
Smallholder farmers in Kaduna, Gombe, Adamawa, Taraba, Bauchi, Jigawa, Niger, Nassarawa, and Kano states stand to benefit from additional income derived from carbon credits and other climate-smart advantages.
Through initiatives such as agroforestry, regenerative agriculture, and agricultural technology adoption, these farmers’ lands will be rejuvenated, contributing to climate change mitigation and enhancing soil health, crop productivity, and biodiversity.
The essence of the partnership between ThriveAgric and Acorn lies in providing access to carbon credits, which enable farmers to monetize their efforts in capturing carbon from the atmosphere through sustainable practices like tree planting.
Beyond carbon credits, participating farmers will receive valuable training and support in sustainable farming practices, enhancing farm resilience against climate challenges.