Nigeria’s Sterling Bank Plc, in alliance with StearsData published an in-depth manuscript for the Agriculture Sector in Nigeria

By Abdul Rahman Bangura–

Photo Credit: Money in Africa

NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- The document labeled ‘Agriculture Industry Report 2021’ gives the most up-to-date perspective of the challenges and reliefs in Nigeria’s Agriculture Sector in a COVID-19 epoch.

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

Bukola Awosanya – Group Head of Agriculture Finance and Solid Mineral at Sterling Bank, told the industry report authorizes actors in the Agriculture Sector with a drive and that corroborated Sterling Bank’s obligation to de-risking and rendering the trained agriculture value chain more attainable 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,” Awosanya notifies.

Agriculture Finance specialist noted , the industry report is a continuation of the bank’s annual Agriculture Summit Africa (ASA) carried for three successive years since 2018. It helps the bank’s objective of establishing a route for lending to growers and other value chain players without intervention funds, making it possible for the federal government to free up funds allotted to financing the sector to other industries.

Michael Famoroti – Chief Economist at Stears, explained the Agriculture Industry Report 2021 submits understandings and actionable proposals for future-proofing the sector from serious disturbances such as the COVID-19 pandemic.

He enlarged that, the suggestions are necessary for all stakeholders and a valuable help for building a resilient and commercially doable industry.

In the main, the Agriculture Industry Report 2021 powered by Sterling Bank and StearsData indicates that Nigeria’s Agricultural Sector is regulating below its potential, “even by its standards.” It recognized the inefficiencies that hindered and hamstrung the growth of the sector.

The industry report suggested that, proceeded dependency on trade restrictions as a primary tool for exciting local production would steer to greater market instability. It will weaken supply and expose consumers to significant price oscillations, making sustenance security inaccessible as population growth imposes pressure the more on grub resources.

COVID-19 and its attendant shocks, according to the report, makes an agricultural sector that is more resilient to surprises an imperative. More grandly, the impacts of climate change which continue to feign a real long-term threat.

It therefore, subscribed exceptional production strategies that are more efficient and sustainable, investing in large-scale storage so that national resources are enough in times of crisis or carrying out a public sector framework such that issues that concern the sector can be evaluated by the appropriate bodies and a collaborative rejoinder is pushed out in an immediate manner.

The Agriculture Industry Report 2021 also urged policymakers to insure the growth innovation ecosystem in the sector with constant strategies and collaborate to enable growth. It implied a value chain method so meaningful servitudes are not excluded when developing restoratives for the sector.

It said, “As Nigeria inches out of another recession, there is no better time to take steps that support its resolute claims that the performance of its agriculture sector is key to its long-term growth.”

For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent