By Modupe Gbadeyanka

Managing Director and CEO of Heritage Bank Plc, Mr Ifie Sekibo, has disclosed that the lender will focus in supporting the agricultural space through financing farmers to purchase modern technology.

The bank chief noted that the funding will bring about transformative development in the sector, which has been getting government’s attention lately.

Mr Sekibo, in a statement released on Wednesday by the Group Head of Corporate Communications at Heritage Bank, Mr Fela Ibidapo, reiterated the financial institution’s commitment to further deepen the drive to support agribusiness value chain in order to fast track food security and sufficiency in the country.

He said the bank will continue to make farming profitable to stakeholders and attractive to the youth by boosting the agric base of the nation so as to support food sufficiency.

Mr Sekibo stated that Heritage Bank will support the drive for cash crop commodities that would boost Nigeria’s foreign exchange earnings, which the President Muhammadu Buhari’s administration has always been cautious given the dangers the continuous reliance on imported food items pose to its efforts to create jobs as well as develop and diversify the economy.

Also, the bank’s Group Head, Agriculture Finance, Mr Olugbenga Awe, disclosed that Heritage Bank was committed to the development of agribusiness and small and medium enterprises (SMEs).

"Our support cuts across the entire value chain with focus on large corporates and small holder farmers.  We encourage value addition and ultimately export," he said.

He, however, noted that the bank's support goes beyond food sufficiency to increasing cash crop commodities that would boost Nigeria’s foreign exchange earnings.

He hinted that Heritage Bank is effectively tackling the bottlenecks since it has long identified the opportunities in agribusiness, thereby offering solutions to ease of doing business in the sector.

"For ease of financing, we would be better off with functional commodity exchanges as a country. We can start by refinancing commodities through warehousing receipt systems, gradually we will move to crop receipt.

“With commodities exchange, the value-chain is strengthened and the whole system is structured.

“Exchange helps in reducing the long marketing chain, it helps in enforcement of commodity standards, it provides price certainty and in some cases storage and warehousing facilities," Mr Awe suggested.

He further noted that, "If we sustain the current momentum on rice, we shall surely export rice in the nearest future, and the operative word here is sustaining the momentum. However, there is need for strategic alignment on objectives.

“The current focus by government is on small holders’ farmers using the instrumentality of the Anchor Borrowers Programme (ABP) by Central Bank of Nigeria."

The Agriculture Finance’s Group Head also said to hasten the export drive, commercial farmers will have to step in and drive the process using mechanization on thousands of hectares of farmland with vast irrigation networks and all year round farming as most importers need large quantities delivered on schedule.

Meanwhile, he noted that with the Heritage Bank strategic partnership, CBN had continued to provide lot of supports through various on-lending scheme, as ABP has made visible and measurable impact especially in rice, while hoping other commodities especially grains would follow.

Mr Awe explained that via the strategic partnerships Heritage Bank have achieved vast footprints in agribusiness.

“For example, through our partnership with Triton Aqua Africa Limited and on-lending support from CBN, Heritage Bank has provided N2 billion for fishery to reduce our heavy reliance on fish import.

“Nigeria's current annual demand for fish is estimated at 2.7 million metric tonnes and we currently produce about 800,000 metric tonnes.

“With support from CBN through Commercial Agriculture Credit Scheme CACS, Triton is now producing about 27,000 metric tonnes and their projection is to reach 100,000 metric tonnes in five years.

“From recent forecast, they will meet that projection easily. The bank is also supporting rice farmers under the ABP in Bakolori, Zamfara, Sanga in Kaduna and Soyabeans farmers in Rijana, Kaduna. Heritage Bank also has ongoing projects across the country,” he said.

http://www.businesspost.ng/2017/06/28/heritage-bank-deepens-agro-business-funding/

Okk

Ok

all this crazy banks. the loan is almost goin be inaccessible to majority of farmers. na high profile farmers go get am..... this country is operating on another level...

nice one

That's a good initiative.

ok

ok

Maybe its time to Visit My Family LAND in IKORODU

These people keep talking about farming like it's a bed of roses..... Farming is not easy.... Both crude and mechanized.

A bank without up to 4 branches in the whole South East is that one a bank

Nice development

So that more Fulani people can come and kill abi?

teamsynergy:
all this crazy banks. the loan is almost goin be inaccessible to majority of farmers. na high profile farmers go get am..... this country is operating on another level...

Are you into farming?
If so what has been your experience with Heritage bank?

Only if they will support persons like me who have a strong desire to Farm... I need funds to grow

But rather they will give to the already big farm owners

Ok

Etisalat 5GB for 1700

Tell me what the farmers they've been lending money use it for??

is okay

Pls any bank that can give me just N200,000 loan for farming before rain ll stop.I mean easy loan.

Na so we dey hear everytime.That was how during my Nysc in 2015 they said they will give corp. members loans for startup as their boss Saraki started having issues with CCB dem vex lock up for the matter.Let them fix their bank books before they get taken over and stop all these PR stunts.

what are the terms in accessing the loan. plus what is the interest rate

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Would this be a comeback strategy?

Thought this bank was almost on it's knees few months back.

Well the government, thru the French graduate, agric minister, Audu Ogbeh, launched yam export today. Is heritage Bank keying into this?

Farmers beware.

Viking007 come see your people

Somebody should call obansajo to come and see this . "Lol"

At least in the absence of any BIG BROTHER NAIJA that you ppl have been supporting ¿¿¿

How many of you got this message?