Sterling Bank partners StearsData to publish Agric Industry Report 2021

Sterling Bank Plc has entered into partnership with StearsData, to release an in-depth report for the agriculture sector in Nigeria.

The report titled “Agriculture Industry Report 2021” provides the most up-to-date view of the challenges and opportunities in Nigeria’s agriculture sector in a COVID-19 era.

The four-part report critically examines the country’s agriculture value chain state, state of affairs post-COVID-19, the climate change challenge and opportunities for innovations and investments.

Group Head of Agric Finance and Solid Mineral at Sterling Bank, Bukola Awosanya,

said the industry report empowers players in the agriculture sector with a navigation roadmap. And affirms Sterling Bank’s commitment to de-risking and making the domestic agriculture value chain more viable for commercial lending.

“The goal of the report is to help investors and operators understand the challenges facing the sector, consider recommendations by experts, and become aware of relevant opportunities, both now and in the future. It would empower them to support policymakers to craft policies that would create the enabling environment that the sector needs to thrive,” she said.

According to the agric finance expert, the industry report is a continuum of the bank’s annual Agriculture Summit Africa (ASA) held for three consecutive years since 2018. It supports the bank’s goal of creating a pathway for lending to farmers and other value chain players without intervention funds, making it possible for the federal government to free up funds allocated to subsidising the sector to other industries.

Chief Economist at Stears, Michael Famoroti, said the Agriculture Industry Report 2021 provides insights and actionable recommendations for future-proofing the sector from severe disruptions such as the COVID-19 pandemic. He added that the recommendations are essential for all stakeholders and a valuable resource for building a resilient and commercially viable industry.