Banking Briefs
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STANBIC IBTC, a member of Standard Bank Group, plans to increase its allocation to the agriculture, given the importance of the sector to job creation and economic prosperity and growth. Sola David-Borha, chief executive officer, Stanbic IBTC Holdings PLC, reiterated this commitment at the 2016 Stanbic IBTC Business Leadership Series in Lagos recently.
David-Borha said financing remains a critical component of a vibrant and sustainable agricultural sector and that the Stanbic IBTC Group would continue to help unlock opportunities that exist in the sector through its support for businesses and initiatives across the entire agriculture value chain.
“We all know that agriculture is capable of creating millions of jobs across the entire value chain, drive export and the much-needed foreign exchange. We intend to continue to support that sector by increasing our allocation and providing a platform for engagement. We have a defined risk appetite for agriculture and we have structured our portfolio to ensure that we manage this risk as we support farmers in primary production as well as agro-allied businesses,” David-Borha said.
As the next growth sector, she said the focus on agriculture was not misplaced, urging stakeholders in the value chain, particularly governments and private sector players, to renew the focus through partnerships and initiatives that would maximise the sector’s potential.
Stanbic IBTC, David-Borha stated, was also committed to providing platforms like the Business Leadership Series for showcasing Nigeria’s economic potential to the world, particularly ongoing reforms in the agricultural sector, with emphasis on improvements in infrastructure, agro-industrial zones, financing and an enabling policy environment crucial to the full exploitation of the agricultural value chain and attainment of food security.
“Stanbic IBTC remains committed to the diversification drive of the federal government and we will continue to seek opportunities to showcase the country’s economic potential as well as provide financing for viable projects in agriculture and other sectors of the economy. Stanbic IBTC continues to play a leading role in the agricultural sector and has participated in some major private sector deals across the agriculture value chain over the past few years.”
— Nov 7, 2016 @ 01:00 GMT
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