Sterling Bank has announced that it will invest $33 million (est. N55 billion) in low-interest loans for women in agriculture. This initiative aims to help improve food security and boost Nigeria’s economy.
The announcement was made at the Agriculture Summit Africa 2024 in Abuja. According to the bank’s statement, this investment will change how women participate in agriculture and make Nigeria a leader in sustainable farming practices.
The statement said, “With a $33 million investment in low-interest financing for women in agriculture, Sterling Bank is transforming Nigeria’s agricultural sector and rewriting the nation’s path to food security and economic prosperity.”
Mr. Abubakar Suleiman, the bank’s Managing Director and CEO, spoke at the summit, which was themed “From Scarcity to Security.”
“We have raised our agricultural loan portfolio to 15%, making us a leading financial institution in agricultural investment across Africa,” he said.
He noted that “access to finance remains a critical barrier to enhancing food production in Nigeria” and emphasized that security issues affect the food supply chain. He added, “We cannot wait. We continue to support those who can farm while counting on the government to address security concerns and expand available agricultural land.”
In collaboration with the Mastercard Foundation, the bank’s “SWAY AgFin” program has already helped over 20,000 women and young people in agriculture by offering low-interest loans.
Prof. Banji Oyelaran-Oyeyinka, the Senior Special Adviser to the African Development Bank Group President, also spoke. He agreed that the initiative was needed and would be impactful, observing that “Nigeria spent approximately $10 billion on food imports in 2023.”
Now in its seventh year, the summit brings together government officials, business leaders, financial providers, and academics “to improve domestic production capabilities and reduce the country’s dependency on food imports.”
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