At FARMFATECH, Afreximbank Announces Expansion Of Agricultural Financing

The African Export-Import Bank (Afrexim Bank) has announced expanded interventions to strengthen agricultural financing and export quality assurance facilities across Nigeria.

Speaking at the FANFARTECH Expo 2025, Afrexim Bank’s acting regional chief operating officer, head of mission (Anglophone West Africa), Alain Thierry Mbongue, said the bank’s new initiatives aim to boost food security, industrialisation, and job creation through sustainable agribusiness financing and value chain development.

Mbongue said the bank’s sixth strategic plan focuses on promoting value addition and reducing Africa’s dependence on raw commodity exports. He noted that agriculture contributes about 30 percent of Africa’s GDP and employs over 60 percent of its labour force, underscoring the sector’s transformative potential.

Also, the president of the Abuja Chambers of Commerce and Industry, Dr. Emeka Obegolu noted that Nigeria’s agricultural productivity level is still far below potential, adding that the country must embrace mechanised farming, digital agriculture, and sustainable value-chain practices.

“We must remind ourselves that food security is not just about availability; it is about access, nutrition, and sustainability. Millions of our children still suffer from malnutrition and stunted growth due to poor diets. This must change,” he stated.

He highlighted that Afrexim Bank provides tailor-made financial solutions, including project preparation support, feasibility studies, long-term financing, and agribusiness insurance through its subsidiaries — FEDA and Afrexim Sure.

Regarding quality assurance, Mbongue disclosed that the bank’s Africa Quality Assurance Centre (AQAC) in Sagamu, Ogun State, is being expanded to Kaduna and Imo States to assist Nigerian exporters in meeting international standards. The ACAC project, developed in partnership with Bureau Veritas, conducts laboratory testing and certification for agricultural exports.

Mbongue reaffirmed the bank’s commitment to supporting Nigerian agribusinesses, SMEs, and governments to enhance export competitiveness and achieve food sovereignty across the continent.

The permanent secretary in the Federal Ministry of Agriculture and Food Security reiterated the government’s goal of driving agricultural transformation through innovation and technology. Represented by Alhaji Abubakar Musa at the expo in Abuja, the permanent secretary stated that the government is introducing innovations to promote digitalisation and strengthen the link between research, science, and agritech solutions.

He disclosed that the federal government had recapitalised the Bank of Agriculture with N1.5 trillion to improve access to affordable credit for smallholder farmers, alongside efforts to strengthen the Nigeria Agricultural Insurance Corporation to provide risk cover for agribusinesses.

Chairman of the FarmFaTech expo planning committee, Tony Ejinkeoye, said that while agriculture remains the heartbeat of the nation’s economy, the current realities demand a new approach.

“Climate change, post-harvest losses, limited access to finance, and outdated practices continue to limit our potential. This is why FarmFaTech exists — to bridge the gap between innovation and implementation, between the farm and the market, between policy and practice. Our theme for this year, Technology, Finance and Sustainability in Agribusiness, perfectly captures our shared commitment to the future of agriculture,” he stated.