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Financial services 8 December 2020

Stanbic IBTC Bank PLC Wins Agric Bank of the Year Award

Nigeria’s leading financial institution, Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has won the Agric Bank of the Year Award at this year’s edition of the Nigeria Agriculture Awards (NAA), for the second consecutive year.

The award, organised by Agro Nigeria, recognises Stanbic IBTC Bank’s commitment to the development of agribusiness in Nigeria and consistency in providing financial solutions to farmers and agricultural enterprises across the country.

Since its establishment in 2014, the prestigious NAA has continued to celebrate stakeholders who have excelled in their contributions to the growth of the agricultural sector in Nigeria.

The NAA board said of Stanbic IBTC Bank’s win: “This is in recognition of your seamless and unflinching commitment to agribusiness development in Nigeria, while ensuring ample financing solutions for farmers and agricultural enterprises, which have indeed lifted a number of agribusinesses across the country.”

Speaking on this award, Wole Oshin, Head, Agribusiness, Stanbic IBTC Bank PLC, said the contributions of the bank in the agricultural sector are aimed at growing the industry and in turn, the Nigerian economy.

“The growth of the agricultural sector is pivotal to economic development. We recognise this at Stanbic IBTC Bank, and that is why we intentionally develop initiatives and foster partnerships that support players in the industry,” says Oshin.

Oshin commended the bank’s dedicated workforce, whose professionalism and wealth of experience has continued to make Stanbic IBTC Bank fulfil the dreams of its customers.

Stanbic IBTC Bank is a member of the Standard Bank Group, which has a footprint across 20 African markets.

The group considers agriculture to be amongst sub-Saharan Africa’s biggest opportunities for igniting sustainable development, and continues to increases its focus on the sector.

“The continent’s agricultural industry is likely to benefit greatly from the imminent launch of the African Continental Free Trade Area (AfCFTA), which will facilitate intra-African trade,” says Louis van Ravesteyn, pan-Africa Head of Agribusiness, Personal and Business Banking, Standard Bank Group.

“Standard Bank Group also expects new export opportunities to emerge as Africa’s agricultural sector grows and modernises, and as global supply chains are realigned.”

Van Ravesteyn adds that the adoption of appropriate production systems, the development of infrastructure that supports agribusinesses, and the implementation of policies that spur investments will also contribute to the industry’s growth.

Some African countries are relatively well advanced when it comes to the adoption of technology and climate-smart practices, and this has already lifted output, lowered costs, and ensured that product quality is consistent.

In this regard, Standard Bank Group, in partnership with UN Women, is supporting 17 women farmers’ organisations and agri-business groups and cooperatives in Nigeria to increase the productivity and profitability of their organisations within the rice and shea nuts value chains. The multi-year project aims to deliver assistance to 12,500 rural women in Nigeria alone.