How financial institutions are keying into agric projects

According to recent estimates by the United Nations, Nigeria’s population currently stands at about 203 million. This massive population, coupled with the ongoing closure of the country’s land borders with its West African neighbours to forestall the illegal importation of basic goods like food, presents a huge window of opportunity for entrepreneurs operating in the country’s agricultural value chain.
 
But financial institutions are taking advantage of the sector’s opportunities and funding interventions by the Central Bank of Nigeria, to deepen their participation through various product offerings, as well increase credit portfolios.
 
For Fidelity Bank, agribusiness, that is, the commercial activities that revolve around the production, processing, marketing and distribution of food commodities, holds the key to unlocking the economic prosperity of the country.
 
“Not only does it have the potential to absorb millions of Nigerians from the labour market and keep them gainfully employed, but it can also help the country develop food sufficiency,” the bank said in a notice to customers of the bank.