The bank emphasized that this effort is designed to transform women's participation in agriculture, ultimately establishing Nigeria as a frontrunner in sustainable agricultural innovation on the global stage.
“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 announcement highlighted that the bank's "SWAY AgFin" initiative, in collaboration with the Mastercard Foundation, has positively impacted more than 20,000 women and young individuals in the agricultural sector by offering these funds at single-digit interest rates.
Additionally, Prof. Banji Oyelaran-Oyeyinka, the Senior Special Adviser to the President of the African Development Bank Group on Industrialisation, emphasized the significance of this initiative, pointing out that Nigeria allocated around $10 billion for food imports in 2023.
The summit, now entering its seventh year, acts as a collaborative forum that brings together government officials, representatives from the private sector, financial service providers, and scholars.
The statement highlighted that this strategic investment seeks to enhance domestic production capabilities and decrease the nation's reliance on food imports, among other objectives.