August 13, 2019

Sterling unveils agric summit for Africa

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Sterling Bank Plc is set to bring together policymakers, development agencies, international financial institutions, and value chain players on the continent through its Agriculture Summit Africa.

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The summit, holding in Abuja from 5th to 6th of September, is aimed at strengthening agriculture which is the most important sector of the African economy.

In a statement, the bank said that the summit themed, “Agriculture – Your Piece of The Trillion-Dollar Economy,” seeks actualization of the $1 trillion African agribusiness economy dream by 2030.”

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Group Head, Agric Finance and Solid Minerals at Sterling Bank, Bukola Awosanya, said “Agriculture productivity in Africa is low and a source of concern in the sector that account for 60 per cent of the continent’s labour force and 75 per cent of its domestic trade. And the creation of a single African market with over 1.2 billion people through the Continental Free Trade Area (AfCFTA) treaty is not without possible adverse impact on the sector’s growth which calls for a pan-African agriculture summit.

“Sterling Bank has been at the forefront of Nigeria’s agricultural transformation agenda which seeks commercialization at scale nationwide through focus on value chains where the country has comparative advantage. This market-led transformation driven by strategic partnerships is stimulating investment, creating new jobs, wealth and food security. It is imperative that this same model is adopted across the 54 countries that now make up the single African market to improve productivity, guarantee food security and ensure a future of shared prosperity for all Africans,” Awosanya said.