By Cynthia Ezekwe
Sterling Bank, in conjunction with the Africa Agriculture and Trade Investment Fund (AATIF), is set to promote environment-friendly agriculture businesses by lending the sum of $15 million to sustainable and renewable energy powered agric enterprises.
The $15 million medium-term facility from the Africa Agriculture and Trade Investment Fund extends its partnership with Sterling Bank, which started in 2019 with an initial vision to support the growth of the bank’s agricultural activities. Sterling Bank and AATIF have worked together on numerous projects, with the bank making commendable contributions to the Nigerian agricultural sector.
A statement issued by Olushola Obikanye, the lender, group head for agriculture and solid minerals finance, disclosed that the funding will further deepen Sterling’s agricultural investments in the agribusiness industry, promote sustainable practices, and encourage farmers to explore environment-friendly systems.
Also speaking on the funding, Dele Faseemo, Sterling Bank’s group head for energy, said the fund will seek to increase Sterling’s funding for renewable energy installations in the agricultural sector and will positively impact lending in the sector as well as the Nigerian economy.
On her part, Doris Koehn, chair of the AATIF board of directors, said “When we first invested in Sterling Bank, we were keen to help actualize its impressive ambitions in growing its agricultural portfolio in Nigeria. Four and a half years later, we are proud to renew our partnership with the Bank and are focused on further enabling its efforts towards serving local smallholder farmers.”
