By Aduragbemi Omiyale
Stanbic IBTC Bank has emphasized the importance of agriculture as a key contributor to Nigeria’s economy, providing millions of citizens with employment and significantly contributing to the nation’s Gross Domestic Product (GDP).
At the 2024 Agribusiness Breakfast Summit themed Driving Economic Transformation Through Agro-Processing: Building a Sustainable Future, the chief executive of the bank, Mr Wole Adeniyi, 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.
“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.
He stated further 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 lender said its commitment is to provide access to finance, infrastructure, capacity building, and technology to stakeholders.
The Executive Director of Business and Commercial Banking at Stanbic IBTC Bank, Remy Osuagwu, 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.
Business Post reports that the summit featured panel discussions and networking opportunities, providing a platform for key industry leaders to share insights and uncover opportunities in the agricultural value chain.
It also featured remarks from the Minister of Agriculture and Food Security, Mr Abubakar Kyari, represented by the Director of Agribusiness and Market Development, Mr Adebiyi Michael, who 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,” the Minister added.