Guinness Nigeria Plc has launched an agriculture scheme to accelerate the growth of Nigeria’s agricultural sector, which drives the Federal Government’s plan to diversify the country’s economy.
The agriculture scheme will support the Buhari-led administration’s diversification plan with financial assistance from Nigerian lender, Stanbic IBTC. The ‘Grow with Nigeria,’ scheme will also tend to the yearnings of smallholder farmers across the country.
“we are here today to further demonstrate our commitment to the Federal Government’s policy on diversification and local content, the growth of the agricultural value chain and that of small holder farmers who form an integral part of our business.
“Over the last twenty years, our business has consistently sourced all its core ingredients such as sorghum and malt extract locally through the various local raw material chains. Currently, our local content sourcing is 75% an we plan to increase this significantly within the next couple of years.”
“These partnerships have enabled us to develop an ecosystem of private sector players creating value that impact smallholder farmers directly. In 2018, we partnered with 5, 121 smallholder farmers across eight states of Nigeria.” The Managing Director, Guinness Nigeria, Baker Magunda, said.
In a statement published on the company’s official website, Guinness reported that with investments in Agriculture, local manufacturing and backward integration, the Guinness Nigeria Local Raw Materials (LRM) initiative, has benefited over 6,000 subsistence farmers, rural traders and various stakeholders in the production value chain.
Guinness Nigeria is in partnership with CBN, Stanbic IBTC, OCP Africa, AFEX Commodity and OXFAM in ensuring the success of the initiative.
Stanbic IBTC’s commitment to farmers
During the launch of the scheme, Stanbic IBTC reiterated their commitment to helping farmers grow their businesses through financial support. Stanbic IBTC disclosed it had injected over N50bn into Nigeria’s agricultural sector and this was one of the largest investments recorded in the sector so far.
Nairametrics had reported Stanbic IBTC is co-operating with state governments to achieve their transformation agendas to further develop the nation. The bank stated its ready to finance some developmental projects in the areas of mining, agriculture, education and small and medium enterprises (SMEs).
Meanwhile, the Minister of Agriculture and Rural development, Chief Audu Ogbeh praised the initiative which is expected to deepen the local content policy of government. Speaking at the inauguration in Abuja, Ogbeh appreciated Guinness for taking the lead and urged other manufacturers to do same.
About Guinness Nigeria
Guinness Nigeria Plc was established in 1950. It is also one of the foremost quoted companies in Nigeria. The company built its first brewery in Ikeja in 1962, and currently has facilities in Ogba, Benin City and Aba. Included in its portfolio are such acclaimed brands – Guinness Foreign Extra Stout, Guinness Extra Smooth, Malta Guinness, Harp Lager beer, Smirnoff Ice, Satzenbrau Pilsner, Dubic Lager Beer, Smirnoff Intense Chocolate Vodka, Royal Challenge, McDowell’s and Malta Guinness Herbs Lite. Guinness Nigeria is a subsidiary of Diageo Plc, a global leader in beverage alcohol with an outstanding collection of brands across spirits, beer and wine categories.
Stanbic IBTC Overview
Stanbic IBTC Bank PLC is a leading provider of integrated financial services, pensions and wealth management products and services in Nigeria and rest of West Africa. The company offers current, domiciliary, offshore, mobile money, foreign currency, biz smart, call, savings, fixed deposit, and money market accounts; and credit, prepaid, and debit cards. It also provides salary advances and overdrafts; school fees, rental, personal, home, car, generator, business, vehicles, and equipment loans; and trade, distributor, real estate, and agri business financing services.
