Stanbic IBTC Bank has reaffirmed its dedication to transforming Nigeria’s agricultural sector by improving access to finance, technology, and capacity building. Speaking at the 2024 Agribusiness Breakfast Summit themed Driving Economic Transformation Through Agro-processing: Building a Sustainable Future, Chief Executive Wole Adeniyi underscored agriculture’s pivotal role in job creation and economic growth. He highlighted the untapped potential in agro-processing, emphasizing its ability to generate wealth, create jobs, and reduce post-harvest losses while enhancing Nigeria’s competitive edge in global markets.
Despite agriculture’s vast potential, the sector faces a significant $182 billion funding deficit, according to the Nigeria Economic Summit Group’s 2024 report. Minister of Agriculture and Food Security, Senator Abubakar Kyari, called for strengthened public-private partnerships to boost agro-processing, enhance local content, and increase access to financing. Represented by Adebiyi Michael, the minister reiterated the government’s efforts to equip farmers with essential inputs and collaborate with institutions like Stanbic IBTC to ensure affordable credit for agro-processors.
Stanbic IBTC continues to position itself as a key driver of agricultural transformation in Nigeria. Executive Director Remy Osuagwu emphasized the bank’s commitment to offering innovative solutions that sustain growth in the sector. He noted that initiatives like the Agribusiness Breakfast Summit highlight agro-processing’s critical role in strengthening agricultural value chains, improving food security, and fostering sustainable community wealth.
