Banking
Agric Technology Hubs Will Boost Nigeria’s Economy—Ecobank
By Modupe Gbadeyanka
The need to establish agriculture technology hubs across the country so as to boost the economy has been emphasised by the Managing Director of Ecobank Nigeria, Mr Patrick Akinwuntan.
The banker argued that the establishment of these agric technology hubs will further generate activities in the entire value chain and also provide a base for exporting agriculture technology services to other parts of Africa.
Mr Akinwuntan expressed this opinion at the second edition of the Ecobank Agribusiness virtual Summit organised in association with Vanguard Economic Forum Series themed Digitizing the agricultural value chain for unlocking productivity, economic growth and food security.
He said the idea of an agriculture tech hub is quite exciting, saying, “I can directly say Ecobank will support this initiative because it brings the efficiency of a solution factory that is not only available in Nigeria but can also be a base for exporting agric-technology services to drive agriculture in the whole of Africa. I put Ecobank forward as a partner to bring this to reality.”
Earlier, the co-founder, Corporate Farmers International, Mr Akin Alabi, had disclosed that his organisation has initiated an agric technology hub to attract youths participation in the agric sector, noting that access to technology and innovations will further drive activities in that segment of the economy.
“We have developed a big platform, called a hub to serve both government and private institutions. The hub is generating interests and solutions. And now, we are in partnership with Lagos and Kebbi state governments.
“We are also working with series of agricenterprenures in the country. We have also used the power of technology, mobile phones to bring agric products from the farm gate to the market. We need the support of the private sector to develop the agric tech hub.
“A lot of Fintech hubs are developing different solutions, we also need that in the agric space. In Nigeria today, we can use digitalization to change the narrative and get younger ones to be interested in agriculture.
“At corporate farmers, we also created an e-learning academy during the COVID-19 lockdowns to bridge the gap between agriculture and education,” he stated.
In his contribution, the Vice President, Nigeria Agricbusiness Group (NABG), Mr Emmanuel Ijewere, noted that digitisation in agriculture must be brought to the actual people in the field who might not be well educated, noting that through technology one can buy food from vendors from wherever they are in any part of the country.
Further, Mr Ijewere noted that we can build a warehouse and make them efficient with the support of technology.
According to him, “Commodity exchanges cannot thrive unless the goods are there. How we move these goods with the support of digitisation and enabling us to provide a sufficient market is very strategic.”
The second edition of the Ecobank Agribusiness Summit organised in association with Vanguard Economic Forum Series had its primary content objective to discuss the role of technology and digitisation across the agricultural value chain.
The virtual summit had strategic partners such as the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) and Nigeria Agribusiness Group (NABG).
The speakers and panellists included Kenton Dashiell, Deputy Director-General, Partnership for Delivery, at International Institute of Tropical Agriculture (IITA); Aliyu Abdulhameed, MD/CEO, NIRSAL; Ndidi Nwuneli, Co-founder/Managing Partner, Sahel Partner; Akin Alabi, Co-founder, Corporate Farmers International and Ayodeji Balogun, Country CEO, AFEX Commodities Exchange.
This virtual conference is part of Ecobank’s Digital Series which is in line with the bank’s vision to consolidate a modern Pan-African market, contribute to the economic development and financial integration of the continent.
The summit examined the potential impact of agriculture technology investment in fixing low productivity in Nigeria’s food production; evaluate existing traditional agriculture finance models in Nigeria and the role and impact of technology-enabled commodity exchange trading across the agriculture value chain amongst others.
By Modupe Gbadeyanka
About N2 billion is expected to be used to finance renewable energy products for customers by the end of 2026 in an effort to accelerate Nigeria’s clean energy transition.
To meet this goal, Sterling Bank is launching Sterling Solar Financing Hubs inside StarTimes retail outlets to embed on-the-spot solar financing at the point of purchase.
From the N2 billion earmarked for this initiative, N600 million has already been used up.
Under this programme, customers can now walk into participating outlets, select their preferred solar solution, receive financial guidance from dedicated Sterling Solar Financing Advisors, and begin the financing process immediately, subject to the bank’s credit assessment.
The first phase of the rollout commenced this July with five Solar Financing Hubs across Lagos, located in Lekki, Ikeja, Festac, Surulere, and Victoria Island.
The network will expand rapidly to 46 StarTimes outlets nationwide before the end of the third quarter of 2026, with a view to extending the model to more than 200 StarTimes locations nationwide.
Both parties have promised to continue working together to democratise access to clean energy financing, empowering more Nigerians to solarise their homes and businesses while contributing to a greener future.
“Sterling exists to enrich lives, and we believe that access to clean, reliable energy should be within everyone’s reach. Through this partnership with StarTimes, we are democratising access to solar by bringing financing directly to the point of need, enabling more families and businesses to transition to sustainable energy without the burden of prohibitive upfront costs. This is about unlocking opportunity, improving livelihoods, and powering Nigeria’s future,” the Divisional Head of Renewable Energy and Mobility at Sterling Bank, Mr Darlington Nwankwo, said.
Also commenting, the Vice President of StarTimes Nigeria, Mr Eric Xiao, said, “With the rollout of the Sterling Solar Financing Hubs, we are doing more than just selling solar products; we are building a sustainable energy ecosystem. By integrating StarTimes’ extensive service network with Sterling Bank’s professional financial services, we are significantly lowering the barrier for Nigerian households and small businesses to access clean energy.
“Moving forward, we will continue to deepen this partnership, ensuring that more Nigerians can enjoy reliable, affordable, and smart energy solutions, ultimately turning our vision of energy accessibility into a reality for all.”
By Modupe Gbadeyanka
The Nigeria Business Summit Regional Tour of Stanbic IBTC Bank made a detour to Jogor Centre, Ibadan, Oyo State, on Wednesday, July 15, 2026, to empower Micro, Small, and Medium Enterprises (MSMEs).
The event brought together business leaders, development partners and government representatives to discuss pathways for sustainable enterprise development across the South-West.
Participants engaged in practical masterclasses on export opportunities; access to finance and business growth strategies; gaining actionable insights into market expansion; trade documentation; credit readiness; financial record-keeping; and structured financing solutions designed to support long-term business success.
The Head of Enterprise Banking at Stanbic IBTC Bank, Ms Olajumoke Bello, informed participants that the programme is part of the lender’s commitments to supporting MSMEs through practical business education, strategic partnerships and improved access to growth opportunities.
The Executive Director of Business and Commercial Banking at Stanbic IBTC Bank, Mr Remy Osuagwu, on his part, said, “Our ambition is to be more than a financial institution to Nigerian businesses. We want to be a trusted growth partner, providing the financing, business insights and advisory support entrepreneurs need to build sustainable enterprises and unlock new opportunities.”
Similarly, the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, who reinforced the company’s commitment to enterprise development, highlighted the importance of providing businesses with the right support structures to enable sustainable growth and long-term competitiveness.
“At Stanbic IBTC, we believe that sustainable economic growth depends on the success of small and growing businesses. That is why we are focused on providing access to finance, practical advisory support and the connections businesses need to move from ambition to scale,” he stated.
The Oyo State Commissioner for Investment, Trade, Cooperatives, and Industry, Professor Soliu Adelabu, said the initiative was designed to support businesses and strengthen the state’s entrepreneurship ecosystem, praising the bank for its support for traders, entrepreneurs, and artisans in the state.
The Permanent Secretary in the Oyo State Ministry of Women Affairs and Social Inclusion, Mrs O.M. Shotonwa-Roagess, highlighted the importance of strategic partnerships in expanding economic opportunities for women and vulnerable groups across Oyo State. She noted that the ministry remains open to collaborating with organisations such as Stanbic IBTC, development partners and the private sector to drive financial inclusion, entrepreneurship and sustainable economic empowerment.
The Nigeria Business Summit Regional Tour forms part of Stanbic IBTC’s broader commitment to empowering entrepreneurs through capacity building, financial inclusion and strategic business support, helping enterprises unlock new opportunities for growth and long-term success.
The Ibadan leg built on the momentum of previous tour stops in Katsina and Aba.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria anticipates remittances from citizens living abroad to increase by two-thirds in 2026 as it seeks to bolster its foreign-exchange reserves to $1 billion monthly.
“We are expecting that by the end of the year, we will hit about a billion Dollars a month from diaspora remittances,” he said at the 14th Annual BusinessDay CEO Forum in Lagos on Thursday, themed From Stability to Shared Prosperity.
Mr Cardoso said remittances are expected to be boosted from more than $600 million currently, banking on the CBN’s deliberate target at remittances to diversify reserve sources beyond oil earnings.
According to him, the apex bank engaged Nigerians abroad, banks and international partners to identify barriers to official remittance flows.
He said the lender subsequently reviewed policies to ensure easier movement of funds into and out of the country.
Mr Cardoso described the approach as providing free entry and free exit for foreign exchange.
He said the reforms helped double diaspora inflows within one year and exceeded initial expectations, also projecting annual remittances could reach about $8 billion if the current momentum was sustained, adding that the development reflected growing confidence in Nigeria’s financial system and foreign exchange market.
Mr Cardoso said reforms introduced by the apex bank had restored stability in the foreign exchange market and improved investors’ confidence.
He identified exchange rate unification as one of the central bank’s major achievements under the reforms programme.
According to him, replacing multiple exchange rate windows with a market-driven system eliminated distortions and improved transparency.
Mr Cardoso said improved foreign exchange liquidity and stronger reserves were among the gains from the reforms.
He said Nigeria’s net external reserves had risen from about $3 billion at the start of the reforms to above $40 billion currently, noting that gross external reserves had grown to about $52 billion, representing about 10 months of import cover.
According to him, the reserves are designed to shield the economy from external shocks and excessive market volatility.
He said the reserves were not meant for routine interventions or day-to-day exchange rate management.
