Sterling Bank to boost agric sector with N1bn at ASA

The agricultural sector in Nigeria is set to receive a boost, as Sterling Bank has pledged to commit N1bn to finance innovative agro-based ideas at the 5th edition of Agric Summit Africa (ASA).

Sterling Bank, in a statement on Thursday, said this year’s ASA with the theme “Empowering Innovations: A Confluence of Capital, Vision, and Agribusiness Enterprise” would be held on November 8, 2023, in Lagos.

According to Dr Shola Obikanye, Group Head of Agric and Solid Minerals at Sterling Bank, since its launch in 2019,

He said, “ASA has been instrumental in tackling important problems in Nigeria’s agriculture industry. It has regularly brought together powerful people from a range of industries to talk about and investigate cutting-edge solutions for the problems facing the sector.

“The initiative has rightly earned its place as a cornerstone event for the agriculture sector in sub-Saharan Africa.”

He declared that to commemorate its fifth anniversary, ASA had chosen to lead with the kind of innovation and change it had advocated for over the years.

“This year, the organisers of the ASA will feature an incubator-style investors’ deal room, which, in addition to its insightful discussions, will offer the opportunity for agribusiness entrepreneurs to promote their innovative ideas and receive the necessary funding and business support they need to scale.

“This unique addition provides a platform for promising agro-innovators to present their transformative business solutions to a panel of industry experts, with a chance to secure grants of up to N50 million and financing options totalling up to N1 billion,” Obikanye added.

he noted that the driving force behind ASA AgroPitch 2023 was rooted in ASA’s commitment to financing Nigeria’s agriculture sector and fostering the change needed for advancement.

He stated, “By injecting substantial capital at the SME level, ASA is championing the movement to shape a sustainable agricultural future for Nigeria.

“This initiative warmly invites all promising agropreneurs to join this noble endeavour and establish themselves as pioneers of agricultural innovation.”

According to the orgainsers, to participate in ASA AgroPitch 2023, interested agribusiness owners can submit their applications through the ASA website at www.agricsummit.org.