Chief executive officer of Stanbic IBTC Bank, Wole Adeniyi, has said that agro-processing has the power to unlock untapped potential, generate wealth, create jobs, and reduce post-harvest losses, which can position Nigeria as a leader in Africa’s agro-industrial landscape.
He disclosed this in his opening remarks at Abuja’s 2024 Stanbic IBTC Agribusiness Breakfast Summit. The summit, themed “Driving Economic Transformation through Agro-processing: Building a Sustainable Future,” highlighted the critical role of agriculture in Nigeria’s economy and underscored the importance of agro-processing for sustainable development.
Adeniyi, who revealed a staggering $182 billion financing gap in Nigeria’s agriculture sector, also emphasised agriculture’s pivotal contribution to the country’s Gross Domestic Product (GDP) and job creation.
However, he stressed that the sector’s true potential lies beyond cultivation, particularly in value addition through agro-processing. He called for increased collaboration among stakeholders to leverage technology and innovation, positioning Nigeria as a leading agro-industrial hub in Africa.
He also highlighted Nigeria’s challenges in vital agricultural sectors, such as tomato production, where a significant gap exists between supply and demand. According to the Nigeria Economic Summit Group (NESG), Nigeria produces 1.5 million tonnes of tomatoes annually, far short of the 2.2 million tonnes required, mainly due to post-harvest losses. Addressing these inefficiencies, alongside the financing gap, is critical to advancing the sector.
Adeniyi reaffirmed Stanbic IBTC’s commitment to supporting agriculture by financing machinery, reducing post-harvest losses, and driving innovation.
He urged stakeholders to work together to build a sustainable system that addresses infrastructure, access to finance, and capacity building, ensuring future generations can thrive in the sector.
The summit also featured remarks from Nigeria’s Minister of Agriculture and Food Security, Sen. Abubakar Kyari, who reiterated the government’s dedication to transforming agriculture into a viable business. Kyari, represented by Adebiyi Michael, Director of Agribusiness and Market Development, aligned the summit’s theme with President Bola Tinubu’s declaration of a State of Emergency on food security. He stressed the importance of public-private partnerships to enhance agro-processing, boost food security, and create jobs.
