Sterling Bank Agric Loans Hit N100bn

The managing director/ chief executive of Sterling Bank Plc, Abubakar Suleman has disclosed that the commercial bank invested more than N100 billion in Nigeria’s agricultural sector.

The figure, Suleman said represents about 15 percent of the bank’s total loans portfolio, he said.

The bank’s chief executive stated this in his closing remarks at the Agriculture Summit Africa, ASA 2022 with the theme: “Engineering a Trillion Dollar Agricultural Economy,” which held recently both physically and virtually with more than 10,000 attendees from across the world.

Agriculture is one of the five sectors of the economy that the bank has focused its investments on since 2018 as part of its HEART of Sterling strategy. The others are health, education, transportation, and renewable energy.

Suleiman observed that the bank is the biggest promoter of the sector apart from the Bank of Agriculture.

“When we started the journey about five years ago, we were very clear in our minds that we did not just want to make it a talk show and we have been changing the focus of the conversation from moving away from identifying problems to providing solutions and now we are bringing stakeholders together in a bid to effectively move the conversation forward with action.

“We started it because we wanted to focus on agricultural financing where there was a significant gap. Every time we meet a stakeholder or a regulator, we noticed a different perspective of what the problem was and therefore it became clear to us that if we do not bring all the stakeholders together to harmonise their views and understanding, we will continue to remain in the dark,” he said.

The CEO noted that the summit became imperative as part of the global conversation on food security due to the consequences of global trade which was so obvious during the COVID-19 pandemic when there was a global disruption in the supply chain.

“So, this conversation about food security in Africa is one that we will continue to sponsor because of its existential purpose which is about leveraging our competitive advantage,” he said.

The Agriculture Summit Africa, ASA, is one of the continent’s leading, privately funded platforms dedicated to increasing the value of the agribusiness value chain by creating a convergence of private and public sector interests, development finance institutions, agribusiness investors, and players.