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By Joseph Erunke, Abuja
The Chief Executive Officer,CEO of Stanbic IBTC Bank ,Wole Adeniyi, yesterday, said transforming agriculture in Nigeria requires a multifaceted approach.
To this end, he solicited partnership among stakeholders to leverage technology and innovation to transform Nigeria into a leading agro-industrial hub in Africa.
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Adeniyi, who spoke during his opening remarks at the 2024 Stanbic IBTC Agribusiness Breakfast Summit,in Abuja, said about $182 billion financing gap exists in Nigeria’s agriculture sector.
Speaking further at the event held with the theme:”Driving Economic Transformation through Agro-processing: Building a Sustainable Future”, the Stanbic IBTC Bank’s boss highlighted the vital role of agriculture in Nigeria’s economy.
According to him, agro-processing can significantly enhance the nation’s Gross Domestic Products,GDP and also create jobs.
He said::“Agribusiness Breakfast Summit, is a platform that brings together key players from across the agricultural value chain. Our theme, “Driving economic transformation through agro-processing: Building a sustainable future,” highlights the crucial role of agriculture, particularly agro-processing, in shaping Nigeria’s economy.
“Agriculture is a vital contributor to our economy, providing livelihoods for millions of Nigerians and contributing significantly to our Gross Domestic Product (GDP). However, the true potential of agriculture lies beyond cultivation – it’s in value addition, transforming raw products into high-quality goods that can compete both locally and globally.
“Agro-processing has the power to unlock untapped potential, generate wealth, create jobs, and reduce post-harvest losses, positioning Nigeria as a leading agro-industrial hub in Africa.
“The Nigeria Economic Summit Group (NESG) in its H1 2024 outlook report, highlighted a significant gap in our tomato production. While annual demand is 2.2 million tonnes, we only produce 1.5 million tonnes annually, largely due to losses during post-harvest activities.
“Additionally, the agricultural sector faces a financing gap of USD 182 billion, despite government efforts to boost funding.As a leading financial institution, Stanbic IBTC Bank is committed to supporting the agricultural sector. We are providing much-needed financing for machinery and other inputs to improve productivity, reduce post-harvest losses, and bridge the financing gap.
“We need to build a sustainable system that not only meets today’s needs but also ensures future generations can thrive.
“At Stanbic IBTC, we are proud to be involved in all these areas, offering financing, business training, fostering cross-border trade partnerships, and participating in initiatives like this summit to identify opportunities for growth.
“Together, we can enhance Nigeria’s agricultural landscape and make it a key driver of economic transformation and sustainable development.I encourage everyone here today to engage in discussions, share ideas, and form partnerships that will lead to profitable outcomes for all. Let us work together to build a sustainable future for Nigeria’s agriculture sector”.
The Minister of Agriculture and Food Security, Sen. Abubakar Kyari, who spoke earlier,restated government’s commitment to transforming agriculture into a viable business and fostering investment in the sector for sustainable economic growth.
Speaking through his representative and the ministry’s Director, Agribusiness and Market Development, Mr Adebiyi Michael, Sen. Kyari hailed the event’s organisers for conceiving the theme.
According to him,the theme was suitable to President Bola Tinubu’s declaration of a state of emergency on food security.