Stanbic IBTC Bank unveiled an ambitious plan to revolutionise Nigeria’s agricultural sector through comprehensive financial support, infrastructure development and technological advancement at its 2024 Agribusiness Breakfast Summit.
The event, themed “Driving economic transformation through agro-processing: Building a sustainable future,” according to a statement, brought together key stakeholders to address the sector’s $182 billion financing deficit.
The summit featured industry leaders discussing strategic opportunities in the agricultural value chain, with a particular focus on the bank’s new financial solutions for agro-processors. Chief Executive Wole Adeniyi highlighted agriculture’s crucial role in Nigeria’s economy, emphasising that the sector’s potential extends beyond farming to include value-added processing and export opportunities. The initiative gained additional support from the Minister of Agriculture and Food Security, Senator Abubakar Kyari, who stressed the importance of public-private partnerships in advancing the agricultural sector.#He said that agriculture’s potential extends beyond cultivation, with agro-processing offering vast opportunities for value addition, job creation and export growth.
Adeniyi stated, “The true potential of agriculture lies beyond cultivation – it is in value addition, transforming raw products into high-quality goods that can compete both locally and globally. Agro-processing has the power to unlock untapped potential, generate wealth, create jobs, and reduce post-harvest losses, positioning Nigeria as a leading agro-industrial hub in Africa. Despite the huge benefits the sector offers, the agro-industry faces a huge financing deficit of $182 billion according to the Nigeria Economic Summit Group (NESG) 2024 First Half Outlook Report, despite government efforts at boosting funding.”
He added that transforming the nation’s agriculture requires a multifaceted approach, which involves addressing issues such as infrastructure, access to finance, technology adoption, and capacity building and Stanbic IBTC Bank remains committed to building a sustainable future for Nigeria’s agriculture sector.
The summit also featured remarks from the Minister of Agriculture and Food Security, Senator Abubakar Kyari, represented by Engineer Adebiyi Michael, Director of Agribusiness and Market Development. He stressed the importance of collaboration between the public and private sectors to drive agro-processing, enhance local content, and improve access to capital. Kyari highlighted the government’s efforts in providing farmers with production inputs and machinery, while also working with financial institutions like Stanbic IBTC to make affordable credit available to agro-processors.
He said: “Amidst the declining global oil prices, the agricultural sector is gaining more attention, driving the government’s commitment to economic diversification, and boosting agricultural productivity for local and international markets. While we appreciate the role of the private sector in the transformation of the agricultural sector, the Ministry has continued to collaborate with financial institutions such as Stanbic IBTC Bank, in the provision of affordable credit to agro-processors, thereby transforming agriculture from being merely a developmental program into a profitable business sector.”
Corroborating the significance of the summit, Remy Osuagwu, Executive Director, Business and Commercial Banking, Stanbic IBTC Bank, noted: “The Stanbic IBTC 2024 Agribusiness Breakfast Summit reinforces the critical role that agro-processing plays in strengthening our agricultural value chain, improving food security, and creating sustainable wealth for our communities.
As a partner in Nigeria’s economic development, Stanbic IBTC Bank remains a force that supports agribusinesses, particularly the agro-processing sub-sector which we hope will drive the reduction of waste, growth of exports and overall expansion of agribusiness in Nigeria. With in-depth knowledge of the sector, Stanbic IBTC Bank provides solutions that enable players to unlock the full potential of their respective segments. From low-interest agricultural loans and asset financing for farm machinery to strategic partnerships and advisory services, we are here to support you every step of the way.”
Stanbic IBTC Bank continues to champion agricultural transformation in Nigeria by offering tailored solutions that drive growth and sustainability in the sector.