Sterling Bank commits $33m to empower women in agriculture

Sterling Bank has stated its commitment of $33m to low-interest financing for women in agriculture towards the growth of Nigeria’s food security and economic prosperity.

This was announced at the Agriculture Summit Africa 2024 in Abuja, according to a statement made available to PUNCH Online on Friday.

The statement noted that the move is aimed at revolutionising how women engage in agriculture, thereby positioning Nigeria as a global leader in sustainable agricultural innovation.

“With $33m investment in low-interest financing for women in agriculture, Sterling Bank is transforming Nigeria’s agricultural sector and also rewriting the nation’s path to food security and economic prosperity,” the statement partly read.

In his remark, the bank’s Managing Director and Chief Executive Officer, Mr Abubakar Suleiman, speaking at the summit themed “From Scarcity to Security,” stated that the bank had raised its agricultural loan portfolio to 15 per cent, making it a “leading financial institutions across Africa in agricultural investment.”

“Access to finance remains a critical barrier to enhancing food production in Nigeria. 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.

“The primary objective is to bring together stakeholders to debate issues and develop quickly implementable solutions,” Suleiman explained.

The statement added that the bank’s “SWAY AgFin” programme, in partnership with Mastercard Foundation, has benefited over 20,000 women and youths in agriculture through the deployment of these funds at single-digit interest rates.

Also, the Senior Special Adviser to the President, African Development Bank Group on Industrialisation, Prof Banji Oyelaran-Oyeyinka, provided context to the initiative’s importance, noting that Nigeria spent approximately $10 billion on food imports in 2023.

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

This strategic investment aims to improve domestic production capabilities and reduce the country’s dependency on food imports,” among others, read the statement.