Sterling Bank is to hold the Agriculture Summit Africa in Abuja on September 5 and 6.
The international event themed “Agriculture – Your piece of the trillion-dollar economy”- seeks the actualisation of the $1 trillion African agribusiness economy dream by 2030.
More than 50 percent of the world’s fertile and unused land estimated at 450 million hectares is in Africa.
Group Head, Agric Finance and Solid Minerals, 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 an 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.’’
She added that the summit would foster an integrated approach to agricultural value chain transformation on the continent while also facilitating intra-African trade. It will also unveil agricultural trends, innovations and opportunities for private and public-sector investment and participation in Africa.
Last year, Sterling Bank brought together smallholder farmers, input suppliers, agro processing entrepreneurs, development finance agencies, policy makers and captains of industry through a technical workshop on the agriculture value chain in Abuja.
The workshop, which focused on co-creating a sustainable economy through rural agricultural enterprise, was chaired by former Minister of Agriculture Mr Audu Ogbeh.