How MADE's partnership with Thrive Agric is helping empower Beekeepers in Edo State

1. Thrive Agric is a Nigeria
technology start up
designing solutions that
drives efficiency and
productivity in the agricultural
market. Driven by young
and tech savvy Nigerians,
the company demonstrates
passion and commitment to
disrupt the market system
with ground breaking
innovations. The DFID-
funded Market Development
in the Niger Delta (MADE)
partnered Thrive Agric in
the implementation of the
Apiculture Intervention in Edo
State.
Thrive Agric is a Nigerian agriculture company that has intoduced innovative
crowdfunding approaches to finance smallholder farmers. The company’s offering
includes leveraging its digital crowdfunding platform to raise funds for investments
in partner farms across a wide range of crops and produce in Nigeria’s agricultural
market.
The company offers tech driven advisory services on farm productivity and solutions
that supports farmers, processors, market aggregators, financial institutions as well as
food and beverage companies.
Committed to creating ‘best fit solutions’ for the agricultural sector, Thrive Agric
partnered with MADE II under the Edo Sate Investment Portfolio (ESIP) to facilitate
innovative financing for poor beekeeping farmers that assisted them to set-up
improved beehives; provide inputs, beekeeping kits and equipment for processing
honey, with a structured profit-sharing mechanism for partners upon harvest,
processing and offtake.
During the pilot, Thrive Agric supported 10 farmers with asset finance worth
N200,000 (£430) each. It enabled each farmer to buy and set-up 10 beehives. 100
beehives were established during the pilot.
THRIVE AGRIC:
INTRODUCING INNOVATIVE
FINANCING FOR
BEEKEEPERS IN EDO

2. The company invested a total of
N2million (£92,000) for the pilot
and scaled up its financing support
to 40 additional beekeepers.
Thrive Agric is currently planning
to double that number within the
next few months.
In the profit-sharing model with
MADE’s trained Apiculture Service
Providers (ApSPs), farmers receive
60% of profits from the sale of
honey, while the ApSPs receive
15% with Thrive Agric retaining
25% which it shares with its
investors. The ownership of the hives revert fully to the farmers after two beekeeping circles (between 12 to 18 months)
when the full repayment of input loans has been completed.
Estimated revenue from sale of honey and beeswax at the end of the first circle was N13.44million (£28,903). So far,
Thrive Agric invested N10.87million (£23,376) in the beehives with a profit margin from the investment at N2,570,000
(£5,527) which will be cost-shared among principal actors.
Thrive Agric has proven the concept that apiculture is a lucrative enterprise for smallholder farmers in rural communities.
Thrive Agric’s digital crowdfunding platform increased investors’ base and helped to create awareness on the honey
sector’s economic viability. Several investors bought stakes in beekeeping ventures through the platform. The
intervention attracted 43 carpenters that earned additional income through the construction of improved beehives
promoted by 27 ApSPs.
By taking the lead in beekeeping financing in Nigeria, Thrive Agric has paved way for new entrants to come into the
space. A new financier, Agrorite has indicated interest in financing more beekeeping farmers in Edo state. Parties
have reached advanced business negotiations on the new financing targeting 50 beekeepers to be engaged in an
outgrower scheme, a development which presents carpenters an opportunity to build 500 new improved beehives
worth ₦6million.