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Sterling Bank has expanded financing across its priority sectors to N331.7 billion, reinforcing its push to position agriculture and related industries as key drivers of Africa’s economic transformation and food security.
The lender said funding across its HEART sectors — Health, Education, Agriculture, Renewable Energy and Transportation — increased by 39 per cent in 2025, as it deepens support for businesses operating across Nigeria’s agricultural value chain.
The disclosure was made in Lagos by Dele Faseemo, Group Executive, Corporate and Investment Banking at Sterling Bank, during a press conference announcing the ninth edition of the bank’s Agriculture Summit Africa (ASA), scheduled for September 15 and 16 in Abuja.
Sterling Puts Agriculture at Centre of HEART Strategy
Faseemo said agriculture remains a central component of Sterling Bank’s broader HEART strategy, with the lender financing businesses across different stages of the agricultural ecosystem.
Rather than focusing solely on farmers, the bank said its financing approach extends to processors, off-takers and agribusinesses, reflecting an effort to strengthen the entire chain that moves agricultural products from farms to consumers.
Sterling’s position is that stronger financing across the value chain is essential to expanding production, creating livelihoods and improving the competitiveness of Africa’s food economy.
Africa Has Huge Agricultural Potential
Sterling Bank’s Group Head, Agric Finance and Solid Minerals, Dr. Olushola Obikanye, said Africa possesses enormous agricultural resources but continues to spend billions of dollars importing food.
He pointed to the continent’s estimated 60 per cent share of the world’s uncultivated arable land, arguing that the gap between available agricultural resources and actual food production represents a major economic opportunity.
According to Obikanye, agriculture should not be viewed solely as a food-production activity. Its impact extends to employment, trade, foreign exchange, industrial policy and climate resilience, while a continent capable of feeding itself and competing in global markets would gain greater strategic influence.
Finance, Infrastructure Still Hold Back Agriculture
Despite the continent’s agricultural potential, stakeholders identified several obstacles preventing the sector from reaching its full capacity.
These include limited access to finance, inadequate quality inputs, insufficient mechanisation, weak storage and logistics infrastructure, restricted market access and high post-harvest losses.
The challenges affect different parts of the value chain, making it difficult for increased farm production to consistently translate into stronger incomes, competitive prices and reliable food supplies.
Sterling Bank’s financing strategy therefore places emphasis on supporting businesses beyond primary production, with the aim of strengthening connections between farmers, processors, buyers and other participants in the agricultural ecosystem.
IFC Calls for Wider Investment in Food Systems
The International Finance Corporation (IFC) also stressed that transforming Africa’s agriculture sector will require more than simply increasing production.
Christian Mulamula, Principal Country Officer for Nigeria at the IFC, said farmers and agribusinesses need access to finance, technology, infrastructure and markets to build productive and sustainable food systems.
He described Agriculture Summit Africa as a platform capable of bringing together policymakers, investors, financial institutions, agribusinesses, technology providers and development partners to accelerate investment across the sector.
Agriculture Summit Africa Targets Food Import Dependence
The ninth edition of Agriculture Summit Africa will be held under the theme “Building the Next Superpower: Africa’s Food Power Play.”
The two-day event is expected to examine how African economies can reduce dependence on imported food by developing stronger agricultural value chains and improving access to capital, technology and markets.
The summit will bring together policymakers, investors, development finance institutions, agribusinesses and technology providers, with discussions expected to cover agricultural financing, innovation, food processing, storage and intra-African trade.
From Production to a Competitive Food Economy
Beyond conventional conference sessions, ASA will feature high-level plenary discussions, investment deal-making rooms, innovation showcases and cross-border trade roundtables.
Sterling Bank said the initiative is designed to connect capital with opportunities throughout the agricultural value chain and encourage stronger collaboration between public and private-sector stakeholders.
The bank’s latest financing figures and renewed focus on Agriculture Summit Africa point to a broader strategy of treating agriculture not simply as a social-development priority but as a commercially viable sector capable of supporting jobs, trade and economic growth.
For Africa, the challenge now is converting its substantial agricultural resources into productive capacity, resilient food systems and competitive businesses. Sterling Bank believes greater access to finance, technology and market opportunities will be critical to achieving that transition.
