Best Projects 2019 features all the nominated entries submitted ‘Submit your Project’ category. All the entries consist of innovative projects run by existing enterprises in the form of businesses, NGOs or informal programs.
Solving Malnutrition Through Insect Rearing
Explain your project in details:
Agrimax Produces Insect Meal For Feed Producers, Fish, Pig And Poultry Farmers Using Black Soldier Fly Insect And Recycling Organic Waste Into Maggot As Alternative Source Of Animal Protein to replace fish meal and soymeal.
Impact of your enterprise on sustainable development
1. With 40% of the Beachhead Market, we plan to save 62.7 Million tons of tC02e a year through organic waste recycling. 2. Insect meal sold to a target number of 3000 animal farmers and feed producers in the first 12 months would reduce their production cost by 85%, thus leading to greater profit, while the higher the profit, the faster the expansion thus leading to creation of more jobs through expansion of their businesses. and we anticipate each farm and feed producers would have an addition of at least 5 staffs in the first 12 months. Thus leading to 15,000 jobs in a year with an anticipated growth rate of 20% annually. 3. Over 40% of 24 million organic waste which is generated yearly in Nigeria would have utilized and turned into foods for the black soldier fly by Q3 of 2020.
Sustainability and future plans
Our business model and financing source revolves around our product which are: 1. Agrimax Insect meal : Insect meal is used to replace fish/soymeal for feed producers to add to feed produced. Magg meal would account for 70% of our revenue. 2. Agrimax Insect Humus: The waste gotten is used as organic manure for plants farmers. It is rich and less destructive to the ecosystem. insect Humus would account for 19% of our revenue. 3. Insect Oil: A rich meaty tasting extract from larvae. It works extremely well in layer chicken diets, in fish pellet mixes and for all kinds of pet feeds processing. Insect oil would account for 11% of our revenue. Our future growth plan is to ensure that: 1. By 2019-2021, the insect meal will be sold to 10,000 feed producers, fish, poultry and pig farmers within the South-West Nigeria. while initiating the process of introducing insect Humus to plant farmers. 2. By 2022-2024, Insect Meal and Insect Humus is targeted at 70,000 feed producer, and fish, poultry, pig farms and Plant farmers in Nigeria while plans to introduce our new insect oil product will be completed and tested by Q3 of 2024, and also research towards introducing other insects as part of our product will be initiated. 3. By 2025-2026, Insect Meal Insect Humus and Insect Oil will be sold to 200,000 feed producer, and fish, poultry, pig farms and Plant farmers.
Your profile as an entrepreneur
Babatunde is a trained Serial entrepreneur, an SDG advocate and a preservationist of natural resources in relation to human use and food security. Owing to his passion to solve World Food hunger, food wastages and malnutrition, he founded Agrimax in 2018 which is committed to creating healthy and sustainable solutions for the world using insects to solve hunger and malnutrition caused by expensive feeds for farmers. Babatunde is a strong believer in corporate social responsibility and has excellent track record of touching lives and farmers in his community whilst delivering solutions that integrate global food security, malnutrition, sustainable cities and communities and agriculture in emerging markets. His goals and vision is in his commitment to ensuring that by 2050, the expected 9 Billion population have access to protein and also malnutrition which is the underlying cause of various diseases is solved through Insect rearing to preserve food wastages and enhance higher profitability for farmers. He has participated in various competitions (home and abroad), bootcamp trainings, climate impact programmes, food security competition and holds an Executive Mini MBA on leadership and Management sponsored by African Young Leaders Fellowship Programme (AYLFP) in 2019.