Ecobank announces N70bn Agric Financing Scheme

The pan-African bank, Ecobank Nigeria has announced an Agricultural Business Finance Scheme, where it plans to disburse an additional loan of N70 billion for operators in different agric value chains of in the next two years.

This announcement came just as the bank was set to organise an Agribusiness and Food Summit in February 2020.

The agribusiness summit is part of its determination to further showcase the potential in the agricultural sector, in partnership with Vanguard newspapers, the Economic Forum Series and Nigeria Agribusiness Group (NABG).

The summit with the theme: Unlocking productivity and investment opportunities across the Agribusiness value chain is scheduled for February 13, in Lagos.

According to the Head, Agribusiness, Ecobank Nigeria, Mrs. Mojisola Oguntoyinbo, she explained that the summit was part of the bank’s contribution to the growth and development of the agriculture sector.

According to Oguntoyinbo, a pool of notable thought leaders and industry experts have been assembled to address key and current issues in the agricultural space as it relates to current economic developments and participants will also be given the opportunity to exhibit their products and services within the agriculture value chain.

She stated: “This maiden edition of the Ecobank Agribusiness Summit is to stimulate discussions, examine critically the opportunities with the intent of unlocking the growth potentials in the entire value chain of the agric sector. “The full day event will include keynote speakers, panel discussion sessions and exhibition of agro and agro-allied products where marketplace experience will be created for buyers and sellers to interact and make sales.

“Between 400 to 450 companies, regulators and other stake holders in agric-business are expected to attend and participate at the event. This will create opportunity for networking among the industry players.”

Oguntoyibo further explained that the summit would amongst other things examine the potential impact of agriculture technology investment in fixing low productivity in Nigeria’s food production; how government policy, laws and regulatory framework can drive effective public private partnership; evaluate existing traditional agriculture finance models in Nigeria and the role and impact of technology enabled commodity exchange trading across the agriculture value chain, and the role of developmental partners and international agencies in driving funding and investments across the agriculture value chain.

The Economic Forum Series and Director, Vanguard Conferences Mr. Jude Ndu Co-Founder, stated: “We are delighted to be partnering with Ecobank Nigeria on the conceptualisation, strategy and execution of this high profile event in line with the Central Bank of Nigeria (CBN) agriculture policy and the Economic Recovery and Growth Plan (ERGP) of the federal government.

He added that, “As a media organisation, this is our own way of contributing to the growth prospect of the sector through audience engagement by bringing together critical stakeholders to discuss solutions to the issues of low productivity and investment opportunities across Nigeria’s agricultural value chain.”