Sterling Bank committed $33 million to provide low-interest financing for women in agriculture, aiming to strengthen Nigeria’s food security and promote economic growth.
The announcement was made during the Agriculture Summit Africa 2024 in Abuja, as stated in a release shared with “PUNCH Online” on Friday.
According to the statement, the initiative seeks to revolutionize women’s involvement in agriculture, positioning Nigeria as a global leader in sustainable agricultural innovation.
“With an investment of $33 million in low-interest financing for women in agriculture, Sterling Bank is reshaping Nigeria’s agricultural landscape and paving the way for food security and economic prosperity,” the statement read.
At the summit, Sterling Bank’s Managing Director and CEO, Mr. Abubakar Suleiman, highlighted the bank’s increasing commitment to agriculture, revealing that it had raised its agricultural loan portfolio to 15%, making it one of Africa’s leading financial institutions in agricultural investment.
“Access to finance remains a key barrier to enhancing food production in Nigeria.
While security challenges continue to impact the food supply chain, we cannot afford to wait.
We are focused on supporting farmers and look to the government to address security issues and expand agricultural land,” Suleiman said.
He also emphasized the importance of bringing together stakeholders to discuss challenges and rapidly implement solutions.
The statement further noted that the bank’s “SWAY AgFin” program, a partnership with the Mastercard Foundation, has already benefited over 20,000 women and youths in agriculture through the provision of funds at single-digit interest rates.
Prof. Banji Oyelaran-Oyeyinka, Senior Special Adviser to the President, African Development Bank Group on Industrialization, underscored the initiative’s significance by revealing that Nigeria spent around $10 billion on food imports in 2023.
“The summit, now in its seventh year, serves as a collaborative platform uniting government officials, private sector leaders, financial institutions, and academics.
This strategic investment is designed to boost local production and reduce Nigeria’s reliance on food imports,” the statement concluded.
