Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

Sterling Bank dedicates 10% loan portfolio to supporting agriculture

Adaobi Nnadiukwu by Adaobi Nnadiukwu
June 6, 2019
in Business News, Company News
Nigeria's Agricultural sector records highest growth in Q1 2019, Central Bank disbursed N299 billion
Share on FacebookShare on TwitterShare on Linkedin

Sterling Bank Plc has notified the general public that it dedicated 10% of its overall loan portfolio to help finance the country’s agricultural sector. According to the lender, this is being done in recognition of the fact that the sector is one of the major contributors to the growth of the nation’s economy.

The bank’s Group Head of Agriculture Finance and Solid Minerals, Mrs Bukola Awosanya, disclosed this at a recent summit on Commodity Value-Chain Investment and Agribusinesses Support Initiative through Public and Private Partnership (PPP).

She disclosed that the bank’s dedication to the sector was a premeditated intention to help farmers and ensure that the value chain is properly tied end to end.

RelatedPosts

Buhari says agriculture policies, investments saved Nigeria from global supply disruptions

Wema Bank stock gains 340% in 6 months

Reasons for delayed intervention: According to Mrs Awosanya, most lenders have been reluctant to provide credit facilities for the company because of the following;

  • The absence of good agricultural practices.
  • Farmers’ inability to meet up to loan agreements.
  • Bad weather.

“We want to encourage farmers but if the input is bad, the output will fall short of expectations. For instance, poor seed quality is an issue; lack of infrastructure such as bad roads is also an issue because it makes distribution of the harvest from the farm to the market difficult.

News continues after this ad


“Government policy also affects lending to the sector because after the bank has concluded arrangements to finance some farmers, the government may decide to lift a ban on the importation of the commodity. What happens to the ones you have done? So government policy is also a problem in agriculture.” -Awosanya

Farmers’ Access to Loans: She also spoke about the need for farmers to be educated on the importance of paying bank loans, because if loans are not repaid, banks will not be motivated to give them loans again.

In the meantime, Sterling Bank Plc intends to support the health, education, renewal energy and transport sectors.

News continues after this ad


Related

Tags: AgricultureBukola AwosanyaSterling Bank Plc

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • FUGAZ investors lose N38 billion in trading week ended August 12, 2022
    • Why the crypto market is still a big deal in Nigeria
    • Trade Union Congress opposes privatisation of public healthcare facilities

    Follow us on social media:

    Recent News

    Profit-taking in FUGAZ stocks weigh down the NGX, taking the Market Cap to N21.91 trillion,

    FUGAZ investors lose N38 billion in trading week ended August 12, 2022

    August 13, 2022
    Top 5 cryptocurrencies to watch in May 2022

    Why the crypto market is still a big deal in Nigeria

    August 13, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com