Sterling Bank Pledges $33 Million to Empower Women in Agriculture

Sterling Bank has committed a significant $33 million to support women in agriculture, marking a bold step towards strengthening Nigeria’s food security and boosting its economic growth. This initiative was unveiled at the Agriculture Summit Africa 2024, held in Abuja.

The bank’s Managing Director and CEO, Abubakar Suleiman, addressed the summit, highlighting that the $33 million in low-interest financing is set to revolutionize the way women contribute to Nigeria’s agricultural industry. By providing accessible financial support, Sterling Bank aims to position Nigeria as a global leader in sustainable agricultural innovation. Suleiman also revealed that the bank’s agricultural loan portfolio had grown to 15%, cementing Sterling Bank’s role as a leading institution in agricultural investment across Africa.

“Access to finance is a major hurdle in enhancing food production in Nigeria,” Suleiman explained during his address. He stressed the importance of overcoming financial barriers while also acknowledging the ongoing security challenges that affect food supply chains. However, he emphasized that waiting for all issues to be resolved isn’t an option, and that immediate action is required to support farmers.

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Sterling Bank’s commitment to empowering women in agriculture is further exemplified through its “SWAY AgFin” program. In partnership with the Mastercard Foundation, the program has already benefitted over 20,000 women and youth involved in agriculture by providing them with low-interest loans. This initiative is part of the bank’s broader effort to address the pressing challenges of food security and economic development in Nigeria.

At the summit, Prof. Oyebanji Oyelaran-Oyeyinka, Senior Special Adviser to the President of the African Development Bank, underscored the significance of such initiatives. He pointed out that Nigeria spent nearly $10 billion on food imports in 2023, highlighting the critical need for increased domestic production.