By Emmanuel Elebeke

The Acting Group Managing Director, Client Relations, Afreximbank Group Abuja, Mr Eric Monchu Intong says the trade finance gap in developing countries is estimated to be approximately $150 billion annually, which hampers agricultural  businesses across the world.

This gap he said not only poses a challenge but also represents an opportunity for Development Financial Institutions, such as Afreximbank, to implement tailored and bespoke financial solutions.”

Mr. Intong disclosed this in his keynote address, delivered at the ongoing inaugural Farm, Food, and Allied Technologies (FARMFATECH) Expo 2024 holding in Abuja.

He noted that despite its importance, agricultural financing faces several challenges of risk perception, lack of collateral, limited financial literacy and inadequate infrastructure.

According to him, agriculture financing and value chain development, which are essential for enhancing productivity, fostering innovation, and ensuring resilience in the agricultural sector. 

“As the Trade Finance Bank for Africa, Afreximbank recognizes agriculture’s critical role in economic development, food security and sovereignty, and sustainable livelihoods. 

“Agricultural financing is essential for enabling farmers and agribusinesses to secure the capital necessary for investments in technology, infrastructure, and sustainable practices. According to the Food and Agriculture Organization (FAO), global agricultural investments must be significantly increased to address the rising food demand.

“Currently, the trade finance gap in developing countries is estimated to be approximately $150 billion annually. 

“This gap not only poses a challenge but also represents an opportunity for Development Financial Institutions, such as Afreximbank, to implement tailored and bespoke financial solutions.”

The expo features over 500 exhibitors and is expected to attract 500,000 attendees. It provides a unique platform for industry leaders, policymakers, and stakeholders to explore transformative investment and partnership opportunities.

In his goodwill message, the Chief of Defense Staff, Gen. C.G Musa. said 

Nigeria is not alone in the struggle to attain food security because agricultural activities are severely hampered by armed conflict as well as weather shocks as a result of climate change. 

“In realization of the eminent threat to food security, a number of countries around the world adopted military approach as emergency responses. The prolonged unrests caused by insurgency, banditry and farmers/herders clashes across regions of Nigeria have hindered farming.

“Moreover, to address the effects of weather shocks, the need arises to invest in agricultural infrastructure, especially to embrace all seasons farming, he said.

Earlier in his address, the President of the Anuja Chamber of Commerce and Industry, ACCI, Chief Emeka Obegolu said the key objectives of FARMFATECH is to foster global partnerships and to establish connections between Nigeria, China, and other key players in agricultural technology.

He also said the event would be explored for knowledge exchange and also provide a platform for industry insights and expertise sharing among participants from 76 countries.

According to him, the expo is expected to transform the Nigeria’s agricultural sector.

“ACCI’s goal through FARMFATECH is to catalyze growth in the agro-allied sector, providing Nigerian farmers and agribusinesses with a space to connect with global markets and access advanced agricultural technologies.

“Agriculture, as we know, is the heartbeat of our nation, providing livelihoods to millions, sustaining communities, and bolstering our economy. However, in today’s rapidly changing world, the sector faces a host of challenges, from climate change to financing, and fluctuating markets to the urgent need for modern infrastructure and technology. To sustain agriculture’s vital role, we must innovate, collaborate, and adapt and that is precisely the purpose of FARMFATECH.

“As we know, agriculture is a time-honoured profession undergoing a rapid evolution, powered by technological advancements. This Expo offers everyone from farmers and manufacturers to investors and agricultural technology enthusiasts a chance to witness and engage with transformative tools and techniques that are reshaping food production and management.”

 The inaugural Farm, Food, and Allied Technologies (FARMFATECH) Expo 2024, was launched by ACCI in partnership with Afreximbank, Autodex Nigeria Limited, and other key stakeholders. 

This groundbreaking event aims to revolutionize Nigeria’s agricultural sector through technological advancements and global partnerships.

The FARMFATECH Expo was set up to be an unparalleled arena for showcasing cutting-edge agro-mechanization technologies, food processing innovations, and opportunities for agricultural financing.