Sterling Bank has committed $33 million to provide low-interest financing for women in agriculture, aiming to enhance Nigeria’s food security and economic growth. The announcement was made during the Agriculture Summit Africa 2024 in Abuja.
The bank’s Managing Director, Abubakar Suleiman, revealed that the agricultural loan portfolio has increased to 15 percent, establishing Sterling as a leader in agricultural financing across Africa. He emphasized the urgency of supporting farmers amid security challenges and limited agricultural land.
The bank’s SWAY AgFin programme, in partnership with Mastercard Foundation, has benefited over 20,000 women and youths with single-digit interest loans, accelerating agricultural innovation.
Prof. Banji Oyelaran-Oyeyinka, a senior adviser to the African Development Bank Group, highlighted Nigeria’s $10 billion food import bill in 2023 and lauded the initiative as critical to boosting domestic production and reducing reliance on imports.
Now in its seventh year, the summit fosters collaboration among government officials, financial institutions, and the private sector to address Nigeria’s agricultural challenges.