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23 Jun 2023

Stanbic IBTC supports Nigerian farmers to boost agriculture value chain

As part of efforts targeted at supporting small-scale agribusinesses and improve their agricultural yield, Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has increased the capacity of Nigerian agro-firm Huetha Global Services, to supply agro resources for soil improvement and enhanced agricultural production.

According to the CEO of Huetha Global Services Limited, Salem Ahenjir, the bank’s customer-centric agribusiness solutions and trust in the capacity of Huetha Global Services Limited have significantly contributed to its growth and expansion.

Salem said: “Our relationship with Stanbic IBTC dates back to 2012, and we have worked together to improve our financing for agro-inputs and increase our value chain capacity. Stanbic IBTC Bank offers the opportunity to off-take various commodities farmers produce from their farms. This way, we improve the agricultural value chain across touchpoints.

“We access financing for fertilisers and increase our support to farmers. Fertilisers have become a high price commodity which makes it difficult for farmers to access, but through our relationship with Stanbic IBTC Bank, we can timely deliver fertilisers to farmers at the best price.”

Wole Oshin, Head, Agribusiness, Business and Commercial Clients, said Stanbic IBTC offers various agribusiness solutions that cut across every aspect of agricultural practice. He stated that the solutions are structured to support the country’s import substitution objectives and ensure profitability for businesses.

Oshin said, “Our agribusiness solutions are customised to suit our client’s business needs. We proffer solutions to players in the agribusiness sector for affordable and flexible funding from the vehicle and farming equipment to seed level, harvesting, processing, and distribution.”

He assured customers of Stanbic IBTC Bank’s willingness and availability to partner with them for sustainable growth and expansion in the agricultural value chain. “Agriculture is a critical part of the economy and critical for food security. We are always ready to partner with business owners, in and out of season,” Oshin said.

Stanbic IBTC’s agribusiness offers versatile, affordable gap-funding solutions for vehicle and farming equipment, unforeseen financial needs, cash flow maintenance, and flexible repayment terms.