News in brief:
– Stanbic IBTC Bank is driving Nigeria’s agricultural transformation through agro-processing and financing solutions.
– The collaborative efforts between the government and the private sector aim to boost agro-processing and economic growth.
Stanbic IBTC Bank has reaffirmed its dedication to transforming Nigeria’s agricultural landscape. Through its 2024 Agribusiness Breakfast Summit, the bank presented strategies to boost agro-processing and highlighted its financial solutions aimed at promoting growth, job creation, and food security.
Wole Adeniyi, the institution’s Chief Executive, emphasised that agriculture’s potential lies beyond cultivation. He highlighted agro-processing, which refers to turning raw agricultural products into higher-value goods. This process not only increases profits but also reduces post-harvest losses and creates jobs. According to the Nigeria Economic Summit Group (NESG) 2024 report, the agro-industry in Nigeria faces a $182 billion financing deficit, despite its vast potential.
At the summit, the Minister of Agriculture, Senator Abubakar Kyari, represented by Engineer Adebiyi Michael, emphasised the importance of collaboration between the public and private sectors. He noted the government’s efforts to provide affordable credit through partnerships with financial institutions like Stanbic IBTC Bank, which play a crucial role in making agro-processing a profitable business.
The bank offers tailored financial solutions, such as low-interest agricultural loans and asset financing for farm machinery, to support agro-processors. These initiatives are part of the bank’s commitment to enhancing Nigeria’s agricultural value chain and helping businesses thrive both locally and globally.
