As a way of supporting the development of the agricultural sector, Sterling Bank Plc has made it a focal point of its operations to fund the sector. Bukola Awosanya, group head, Agriculture Finance department, Sterling Bank, recently said that five per cent of bank’s loan portfolio has been earmarked for agriculture for the current fiscal year and this will be increased to seven per cent by the end of the year.

Awosanya who stated this while hosting the leadership of the National Groundnut Producers, Processors and Marketers Association of Nigeria, NGPPMA, at the bank’s Head Office in Lagos added that Sterling Bank would not relent in rendering financial support to necessary persons to resuscitate agriculture as an input provider and major means of foreign exchange in the country. She disclosed that the bank had given out three and a half per cent out of the seven per cent of the bank’s fund allocated for agriculture. She added that Sterling Bank had been actively involved in assisting agro dealers under the Growth Enhancement Scheme, GES, ever since the government founded it. Awosanya said the bank had been financing one of the largest rice mills in Nigeria, a modern soya bean oil milling plant, poultry viewed as a risky business venture, and providing necessary guides to stakeholders.

Awosanya expressed confidence that with the efforts of the government that has attracted new investors and exceptional foreign direct investment to the agricultural sector, the Agricultural Transformation Agenda will make Nigeria an agriculturally industrialized economy.

Aimu Foni, NGPPMA President lauded the bank for its supportive moves towards the Agricultural sector and expressed his association’s willingness to partner with the Bank in helping farmers to produce, process, and market groundnut in the country.