Continuing its drive towards impacting Nigeria’s real economy, The Alternative Bank (AltBank), has advanced discussions with Federal University of Agriculture, Abeokuta (FUNAAB) and Egypt-based Tulima Farms and Agri-Processing LLC to establish an AI-enabled hydroponic farming ecosystem on the University’s campus.
Designed to operate at scale, the project reflects a new generation of smart farming models that combine finance, innovation, and research expertise. By moving cultivation indoors and utilising automated systems, AltBank is investing in assets shielded from the traditional risks of drought and pests. This flagship site in Ogun State is as a scalable blueprint for a nationwide agricultural franchise, aimed at driving import substitution by growing exotic vegetables locally that were previously flown into the country.
Abeokuta has emerged as a high-potential investment destination, with FUNAAB identified as a strategic anchor institution due to its robust agricultural research ecosystem, expansive farmlands, innovation-focused centres, and access to skilled human capital. The University’s longstanding leadership in agricultural science, enterprise development, and sustainable farming solutions continues to place at the fore of Africa’s transition toward technology-enabled agriculture.
The AltBank-led delegation was headed by Ugonwa Ikegwuonu, Head of Agric Finance at The Alternative Bank, who shared strategic insights on the project’s rationale and financing logic.
“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.
Receiving the teams, the Vice-Chancellor of FUNAAB, Babatunde Kehinde, affirmed the institution’s readiness to host and drive the partnership, reiterating the University’s commitment to fostering impactful industry collaborations capable of delivering measurable economic and developmental outcomes.
The AI-enabled hydroponic farming initiative aligns with broader efforts to strengthen food systems through import substitution, year-round productivity, and improved climate resilience. Through data-driven nutrient management, optimised water use, and controlled-environment agriculture, the project targets consistent high yields with minimal resource waste. Beyond domestic food production, it is expected to stimulate agribusiness growth, create jobs, and support economic diversification, while serving as a scalable model for smart agriculture across Africa.
Mohamed Salama, Founder and CEO of Tulima Farms, delivered a detailed technical presentation covering the production model, investment structure, operational framework, and proposed risk-sharing approach. He emphasised the value of forming a cross-functional University team spanning agriculture, engineering, research, infrastructure, and enterprise development to accelerate implementation.
Tulima Farms and Agri-Processing LLC is internationally recognised for its sustainable, high-tech indoor farming systems, deploying climate-controlled greenhouses and modular container farms to produce pesticide-free, nutrient-dense crops within an integrated farm-to-table value chain.
This AI-enabled hydroponics venture is the latest in a series of strategic agricultural interventions by The Alternative Bank aimed at transforming Nigeria’s food systems. It builds on the success of the Bank’s recent Alfalfa trials in Plateau State, where the introduction of the nutrient-dense plant has demonstrated how innovative fodder production can address national security by mitigating farmer-herder conflicts. Through its diverse initiatives, AltBank continues to reinforce its role in deploying finance as a catalyst for a secure, sustainable, and innovation-led agricultural future for Africa.
