Sterling Bank has announced its commitment to providing $33 million in low-interest financing for women in agriculture to support Nigeria’s food security and economic growth. The announcement was made during the Agriculture Summit Africa 2024 in Abuja. This initiative aims to transform how women participate in agriculture, positioning Nigeria as a leader in sustainable agricultural innovation.
The Managing Director and Chief Executive Officer of Sterling Bank, Mr. Abubakar Suleiman, emphasized the bank’s increased agricultural loan portfolio, now at 15%, making it a significant player in agricultural investment across Africa. Suleiman highlighted the importance of access to finance in enhancing food production in Nigeria, especially amidst security challenges affecting the food supply chain.
The bank’s “SWAY AgFin” program, in collaboration with the Mastercard Foundation, has already benefitted over 20,000 women and youths in agriculture by providing funds at single-digit interest rates. This initiative is crucial in reducing Nigeria’s reliance on food imports, which amounted to approximately $10 billion in 2023.
The Agriculture Summit Africa serves as a platform for stakeholders to discuss and implement solutions to enhance domestic production capabilities and reduce food import dependency. The strategic investment by Sterling Bank aims to drive sustainable growth in Nigeria’s agricultural sector, ultimately contributing to the nation’s food security and economic prosperity.