Sterling Bank targets women in agribusiness with $33m low interest loan

As part of its initiative to give to society, Sterling Bank has invested $33 million in low interest financing for women in agriculture.

The announcement, made at the Agricultural Summit held recently in Abuja with the theme ‘From Scarcity to Security’, is set to revolutionise how women engage in agriculture in Nigeria.

“Access to finance remains a critical barrier to enhancing food production in Nigeria,” said Abubakar Suleiman, managing director of Sterling Bank at the summit.

“While security challenges directly impact our food supply chain, we cannot wait. We continue to support those who are able to farm while counting on the government to address security concerns and expand available agricultural land,” he added.

He revealed that the bank has increased its agricultural loan portfolio to an unprecedented 15 percent, leading financial institutions across Africa in agricultural investment.

Banji Oyelaran-Oyeyinka, senior special adviser to the president of the African Development Bank Group (AfDB) on Industrialisation, provided context to the initiative’s importance, noting that Nigeria spent approximately $10 billion on food imports in 2023.

“We must change this narrative,” he noted. He also called for Africa to initiate its own green revolution within five years.

According to Suleiman, the primary objective of the summit is to bring together stakeholders to debate issues and develop quickly implementable solutions.

The summit which is now in its seventh year, serves as a collaborative platform uniting government officials, private sector representatives, financial service providers, and academics.

This initiative demonstrates a focused approach to agricultural development through single-digit interest loans for women farmers.

It particularly emphasises youth engagement in agriculture to ensure sector sustainability, recognising Nigeria’s vast agricultural potential with 84 million hectares of arable land.

“This strategic investment aims to improve domestic production capabilities and reduce the country’s dependency on food imports.

The bank agricultural investment aligns with its HEART strategy which stands for Health, Education, Agriculture, Renewable Energy and Transport, identifying agriculture as one of the five key sectors vital for driving Nigeria’s economic growth and development,” Suleiman said further.

He added that through this strategic focus, the bank stands as a leading institution in agricultural financing, demonstrating its commitment to transforming Nigeria’s agricultural sector and ensuring food security.

He noted that the bank’s sustained investment in agriculture through initiatives like the Agriculture Summit Africa and the ‘SWAY AgFin’ programme reinforces its position as a catalyst for agricultural innovation and economic empowerment.