Stanbic IBTC leads charge in empowering agro-processors for economic transformation
By Esther Agbo
At the 2024 Agribusiness Breakfast Summit, Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, solidified its role in Nigeria’s agricultural transformation by shifting its focus toward agro-processing as a key driver of economic growth.
Themed “Driving Economic Transformation through Agro-processing: Building a Sustainable Future,” the summit brought together industry leaders, policymakers, and financial experts to address the critical role of agro-processing in strengthening Nigeria’s agricultural value chain.
Rather than solely focusing on primary agriculture, Stanbic IBTC is placing a heightened emphasis on value addition through agro-processing.
This pivot highlights a broader vision for Nigeria’s agricultural future, one that goes beyond farming to encompass the entire value chain.
According to the Chief Executive of Stanbic IBTC Bank, Wole Adeniyi, this transition is essential to unlocking the full potential of agriculture in the nation, with agro-processing offering vast opportunities for job creation, export growth, and economic diversification.
“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,” Adeniyi remarked.
The summit showcased Stanbic IBTC’s tailored financial products aimed at empowering agro-processors with access to affordable credit, modern machinery, and advisory services.
The bank’s commitment to financing and supporting the agro-processing sector represents a shift towards fostering long-term sustainability in Nigeria’s agricultural sector.
Furthermore, Nigeria’s Minister of Agriculture and Food Security, Senator Abubakar Kyari, represented by Engineer Adebiyi Michael, also echoed the importance of public-private partnerships in driving this sector forward.
Kyari emphasised that, with oil revenues declining, agriculture is becoming a vital pillar of Nigeria’s economic diversification efforts.
The government’s collaboration with financial institutions like Stanbic IBTC is critical to ensuring that farmers and processors gain access to the necessary capital and resources to scale up operations and penetrate international markets.
“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,” he stated.
As a key contributor to Nigeria’s economic growth, Stanbic IBTC Bank remains a strong supporter of agribusinesses, especially in the agro-processing sector, which we believe will help reduce waste, boost exports, and expand agribusiness in the country.
With extensive expertise in the industry, Stanbic IBTC Bank offers solutions that empower stakeholders to fully realise the potential of their respective areas. From low-interest agricultural loans and equipment financing to strategic partnerships and advisory services, we are committed to supporting you at every stage.
Stanbic IBTC Bank is at the forefront of agricultural transformation in Nigeria, delivering customised solutions that foster growth and sustainability in the sector.
The Executive Director of Business and Commercial Banking at Stanbic IBTC Bank, Remy Osuagwu, added that the summit reinforced the pivotal role of agro-processing in food security and wealth creation.
“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.”
