Sterling invests $33m to support women at ASA 2024

With an unprecedented $33 million investment in low-interest financing for women in agriculture, Sterling Bank is not only transforming Nigeria’s agricultural sector but also rewriting the nation’s path to food security and economic prosperity. This monumental commitment, announced at the Agriculture Summit Africa 2024 in Abuja, is set to revolutionize how women engage in agriculture, positioning Nigeria as a global leader in sustainable agricultural innovation.

Speaking at the summit themed “From Scarcity to Security,” Managing Director and CEO Sterling Bank, Mr. Abubakar Suleiman, revealed that the bank has increased its agricultural loan portfolio to an unprecedented 15 percent, leading financial institutions across Africa in agricultural investment.

In partnership with the Mastercard Foundation, Sterling Bank’s “SWAY AgFin” programme has already benefited over 20,000 women and youth in agriculture through the deployment of these funds at single-digit interest rates.

“Access to finance remains a critical barrier to enhancing food production in Nigeria,” said Suleiman. “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.”

Professor Banji Oyelaran-Oyeyinka, Senior Special Adviser to the President of the African Development Bank Group (AfDB) on Industrialisation, provided context to the initiative’s importance, noting that Nigeria spent approximately $10 billion on food imports in 2023. “We must change this narrative,” he emphasized, calling for Africa to initiate its own Green Revolution within five years.

The summit, now in its seventh year, serves as a collaborative platform uniting government officials, private sector representatives, financial service providers, and academics. “The primary objective is to bring together stakeholders to debate issues and develop quickly implementable solutions,” Suleiman explained.

Sterling Bank’s commitment demonstrates a focused approach to agricultural development through single-digit interest loans for women farmers. The initiative particularly emphasizes youth engagement in agriculture to ensure sector sustainability, recognizing Nigeria’s vast agricultural potential with 84 million hectares of arable land. This strategic investment aims to improve domestic production capabilities and reduce the country’s dependency on food imports.

Sterling Bank’s agricultural investment aligns with its HEART strategy which stands for Health, Education, Agriculture, Renewable Energy and Transport, identifying Agriculture as one of the five key sectors vital for driving Nigeria’s economic growth and development.

Through this strategic focus, Sterling Bank stands as a leading institution in agricultural financing, demonstrating its commitment to transforming Nigeria’s agricultural sector and ensuring food security. The bank’s sustained investment in agriculture through initiatives like the Agriculture Summit Africa and the “SWAY AgFin” programme reinforces its position as a catalyst for agricultural innovation and economic empowerment.

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