Stanbic IBTC pledges to increase allocation to agricultural sector

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*David-Borha

As revenue from crude oil export dwindles and the clamour to return to the farm deepens, Stanbic IBTC has pledged to increase its allocation to the agriculture sector given its capacity to create jobs and engender economic growth and prosperity.

The chief executive officer of Stanbic IBTC Holdings Plc, Mrs. Sola David-Borha, who made the commitment at the bank’s 2016 Business Leadership Series in Lagos said the bank had resolved to remain in the forefront of providing custom-made products and initiatives that significantly impact on the whole agriculture value chain.

She urged stakeholders in the agriculture value chain, particularly governments and private sector players, to renew their focus on the sector through partnerships and initiatives that will maximise the sector’s potential.

She said financing had remained a critical component of a vibrant and sustainable agricultural sector but pledged the bank’s commitment to help unlock opportunities that exist in the sector through its support for businesses and initiatives across the entire agriculture value chain.

“We all know that agriculture is capable of creating millions of jobs across the entire value chain, drive export and the much-needed foreign exchange. We intend to continue to support that sector by increasing our allocation and providing a platform for engagement.

“We have a defined risk appetite for agriculture and we have structured our portfolio to ensure that we manage this risk as we support farmers in primary production as well as agro-allied businesses,” David-Borha said.

She said as the next growth sector, the focus on agriculture is apt, adding that the bank “is also committed to providing platforms like the Business Leadership Series for showcasing Nigeria’s economic potential to the world, particularly ongoing reforms in the agricultural sector.”

With emphasis infrastructure development, agro-industrial zones, financing and an enabling policy environment, she said Nigeria would achieve full exploitation of the agricultural value chain as well as attain food security.

 

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