…hydroponic venture in Abeokuta aims to cut food imports, boost year-round production
By Gloria Ikibah
The Alternative Bank (AltBank) has taken a significant step in its push to strengthen Nigeria’s real economy, advancing plans with the Federal University of Agriculture, Abeokuta (FUNAAB) and Egypt-based Tulima Farms and Agri-Processing LLC to establish an AI-powered hydroponic farming hub on the university’s campus. 
The proposed facility is designed as a large-scale, technology-driven farming ecosystem that brings together finance, research and technical expertise. By shifting cultivation indoors and relying on automated systems, the partners intend to reduce exposure to familiar agricultural threats such as drought and pest infestations.
The Ogun State project is being positioned as a flagship model that could be replicated nationwide. Its focus will include the local production of exotic vegetables that are currently imported by air, with the broader aim of reducing Nigeria’s food import bill.
Abeokuta has been identified as a promising investment destination, with FUNAAB seen as a natural anchor institution. The university’s strong agricultural research base, extensive farmland, innovation centres and pool of skilled personnel were cited as key advantages. Its long-standing role in advancing agricultural science and sustainable farming practices has placed it at the forefront of efforts to modernise agriculture across the continent.
The AltBank delegation was led by Ugonwa Ikegwuonu, Head of Agric Finance at The Alternative Bank, who outlined the thinking behind the initiative.
“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.
Welcoming the delegation, FUNAAB Vice-Chancellor Babatunde Kehinde expressed the university’s readiness to host and drive the collaboration. He reaffirmed the institution’s commitment to industry partnerships capable of delivering tangible economic and developmental benefits.
The AI-enabled hydroponic project forms part of wider efforts to strengthen Nigeria’s food systems through import substitution, climate resilience and all-year-round production. Using data-led nutrient management, efficient water use and controlled-environment farming, the initiative is expected to deliver consistently high yields with minimal waste.
Beyond boosting domestic food supply, the partners say the project could stimulate agribusiness expansion, create employment and support economic diversification, while offering a template for smart agriculture across Africa.
Founder and Chief Executive Officer of Tulima Farms, Mohamed Salama, provided a detailed technical overview of the proposed production model, investment framework and risk-sharing structure. He stressed the importance of assembling a cross-disciplinary university team spanning agriculture, engineering, research, infrastructure and enterprise development to fast-track implementation.
Tulima Farms and Agri-Processing LLC is known internationally for its sustainable indoor farming systems, using climate-controlled greenhouses and modular container farms to grow pesticide-free, nutrient-rich crops within an integrated farm-to-table chain.
The new hydroponics venture builds on AltBank’s earlier agricultural interventions, including recent Alfalfa trials in Plateau State. Those trials demonstrated how innovative fodder production could contribute to national security by easing farmer-herder tensions.
Through initiatives such as these, the bank continues to position finance as a driver of a more secure, sustainable and innovation-led agricultural future for Nigeria and the wider African continent.
