The Alternative Bank (AltBank) has advanced discussions with the Federal University of Agriculture, Abeokuta (FUNAAB) and Tulima Farms and Agri-Processing LLC to establish an AI-enabled hydroponic farming ecosystem in Abeokuta, Ogun State.

The proposed project, announced in Lagos on Wednesday, is designed as a large-scale smart farming hub that combines finance, innovation, and academic research. It will focus on indoor cultivation using automated systems to reduce risks associated with climate change, pests, and seasonal disruptions.

AltBank said the initiative aims to boost import substitution by enabling local production of exotic vegetables that are currently imported into Nigeria, while serving as a model for nationwide agricultural expansion.

The bank’s delegation was led by Ugonwa Ikegwuonu, who said the partnership would transform traditional farming into a data-driven, technology-based sector capable of creating jobs and improving productivity.

“The synergy between AltBank’s financial innovation, Tulima’s technical expertise, and FUNAAB’s research depth creates a unique ecosystem for growth,” she said.

Receiving the delegation, FUNAAB Vice-Chancellor Babatunde Kehinde affirmed the university’s readiness to host the project, describing it as part of efforts to strengthen industry-academia collaboration and deliver measurable economic benefits.

The initiative will deploy controlled-environment agriculture, data-driven nutrient management, and optimised water systems to ensure consistent yields and minimal waste. It is also expected to enhance food security, climate resilience, and agribusiness development.

Founder and Chief Executive Officer of Tulima Farms, Mohamed Salama, presented the technical and investment framework for the project, stressing the importance of a multidisciplinary university team to support implementation.

Tulima Farms is known for its climate-controlled greenhouses and modular container farms, producing pesticide-free crops within an integrated farm-to-table system.

AltBank said the hydroponics venture builds on its earlier agricultural interventions, including alfalfa trials in Plateau State, aimed at improving livestock feed supply and reducing farmer-herder conflicts.

The bank noted that the partnership reflects its broader strategy of using innovative finance to support sustainable, technology-driven agriculture and economic diversification across Africa.