Nigeria’s agro-industry faces $182bn financial deficit –Stanbic-IBTC

Despite the huge benefits the sector offers, the agro-industry faces a huge financing deficit of $182 billion, Stanbic-IBTC Bank has said. 

Stanbic-IBTC Bank’s Chief Executive, Wole Adeniyi, who stated in the bank’s 2024 Agric-Business summit in Lagos recently, reaffirmed the bank’s commitment to transforming the nation’s agricultural sector by providing access to finance, infrastructure, capacity building, and technology.

“Despite the huge benefits the sector offers, the agro-industry faces a huge financing deficit of $182 billion”, Adeniyi who quoted the Nigeria Economic Summit Group (NESG) 2024 First Half Outlook Report, said.

This is “despite government efforts at boosting funding”, the bank chief executive added.. 

The summit featured panel discussions and networking opportunities, providing a platform for key industry leaders to share insights and uncover opportunities in the agricultural value chain.