Stanbic IBTC Seeks to Increased Agriculture Funding

James Emejo in Abuja

Stanbic IBTC Bank, has reiterated its commitment to transforming the country’s agricultural sector by enhancing access to finance, infrastructure, capacity building, and technology.

The bank disclosed this during its 2024 Agribusiness Breakfast Summit, with the theme: Driving economic Transformation Through Agro-processing: Building a Sustainable Future’.

Chief Executive, Stanbic IBTC Bank, Mr. Wole Adeniyi, emphasised the importance of agriculture as a key contributor to the economy, providing millions of citizens with employment and significantly contributing to the nation's Gross Domestic Product (GDP).

He said agriculture’s potential extends beyond cultivation, with agro-processing offering vast opportunities for value addition, job creation, and export growth.

Wole said, “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.”

He said despite the huge benefits the sector offers, and government efforts at boosting funding, the agro-industry faces a huge financing deficit of $182 billion according to the Nigeria Economic Summit Group (NESG) 2024 First Half Outlook Report.

The Minister of Agriculture and Food Security, Senator Abubakar Kyari, stressed the importance of collaboration between the public and private sectors to drive agro-processing, enhance local content, and improve access to capital.

Represented by Director, Agribusiness and Market Development, Adebiyi Michael, the minister 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.

Executive Director, Business and Commercial Banking, Stanbic IBTC Bank, Remy Osuagwu, said the bank will continue to champion agricultural transformation in the country by offering tailored solutions that drive growth and sustainability in the sector.

He said, “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.”