ABUJA – Wole Adeniyi, the Chief Govt Officer (CEO) of Stanbic IBTC Financial institution on Thursday declared that about $182 billion financing hole exists Nigeria’s in agriculture sector.
Adeniyi said this in Abuja throughout his opening remarks on the 2024 StanbicIBTC Agribusiness Breakfast Summit, with the theme:”Driving Financial Transformation via Agro-processing: Constructing a Sustainable Future”.
He highlighted agriculture’s very important position in Nigeria’s economic system, noting that agro-processing can considerably improve the nation’s Gross Home Merchandise (GDP) and in addition create jobs.
He StanbicIBTC boss referred to as for collaboration amongst stakeholders to leverage know-how and innovation, aiming to remodel Nigeria into a number one agro-industrial hub in Africa.
“Agribusiness Breakfast Summit, is a platform that brings collectively key gamers from throughout the agricultural worth chain. Our theme, “Driving financial transformation via agro-processing: Constructing a sustainable future,” highlights the essential position of agriculture, notably agro-processing, in shaping Nigeria’s economic system.
“Agriculture is a crucial contributor to our economic system, offering livelihoods for thousands and thousands of Nigerians and contributing considerably to our Gross Home Product (GDP). Nonetheless, the true potential of agriculture lies past cultivation – it’s in worth addition, reworking uncooked merchandise into high-quality items that may compete each domestically and globally.
“Agro-processing has the ability to unlock untapped potential, generate wealth, create jobs, and scale back post-harvest losses, positioning Nigeria as a number one agro-industrial hub in Africa.
“The Nigeria Financial Summit Group (NESG) in its H1 2024 outlook report, highlighted a major hole in our tomato manufacturing. Whereas annual demand is 2.2 million tonnes, we solely produce 1.5 million tonnes yearly, largely attributable to losses throughout post-harvest actions.
“Moreover, the agricultural sector faces a financing hole of USD 182 billion, regardless of authorities efforts to spice up funding.As a number one monetary establishment, Stanbic IBTC Financial institution is dedicated to supporting the agricultural sector. We’re offering much-needed financing for equipment and different inputs to enhance productiveness, scale back post-harvest losses, and bridge the financing hole.
“Remodeling agriculture in Nigeria requires a multifaceted method, addressing points akin to infrastructure, entry to finance, know-how adoption, and capability constructing.
“We have to construct a sustainable system that not solely meets immediately’s wants but additionally ensures future generations can thrive.
“At Stanbic IBTC, we’re proud to be concerned in all these areas, providing financing, enterprise coaching, fostering cross-border commerce partnerships, and collaborating in initiatives like this summit to establish alternatives for progress.
“Collectively, we will improve Nigeria’s agricultural panorama and make it a key driver of financial transformation and sustainable improvement.I encourage everybody right here immediately to interact in discussions, share concepts, and type partnerships that can result in worthwhile outcomes for all. Allow us to work collectively to construct a sustainable future for Nigeria’s agriculture sector”.
Earlier, the Minister of Agriculture and Meals Safety, Sen. Abubakar Kyari, reiterated the federal government’s dedication to remodeling agriculture right into a viable enterprise and fostering funding within the sector for sustainable financial progress.
Represented on the event by Mr Adebiyi Michael, Director, Agribusiness and Market Growth, described the summit’s theme as apt aligning with President Bola Ahmed Tinubu’s declaration of a State of Emergency on meals safety.
Kyari highlighted the necessity for collaboration between private and non-private sectors to boost agro-processing, enhance meals safety, and create jobs.
