By Modupe Gbadeyanka
The Chairman of the board of directors of Sterling Bank, Mr Asue Ighodalo, has advised Nigeria to grow its manufacturing industry through the process of adding value to its agricultural products.
He said this was very important to hasten its climb towards economic competitiveness and prosperity by also capitalising on trade opportunities within the African region by increasing the “quality and yield of its production.”
Speaking at the 2022 Agriculture Summit Africa (ASA) hosted by the bank recently in Lagos, he said there are massive opportunities in the agricultural sector of the Nigerian economy for those who are prepared to work hard with a clear vision and commitment.
At the event themed Engineering a Trillion Dollar Agricultural Economy hosted in collaboration with Leadway Assurance, Nestle Nigeria Plc, Thrive Agric, GIZ, Noor Takaful, Microsoft Nigeria, and Stears Data, among others, Mr Ighodalo said ASA remains a signpost of the bank’s commitment to the agricultural sector, one of the five sectors of specific focus in the bank’s HEART strategy. The other sectors are health, education, agriculture, renewable energy, and transportation.
“As a major financial institution and the leading institution in this sector, we are ready and prepared, and we have the financial expertise to partner strongly with such resourceful agripreneurs,” he said.
Mr Ighodalo also noted in his speech that Nigeria remains “a net food importer,” noting that “Today, we only export primary raw materials with minimal value added.”
“Sadly, in four years, our food imports have increased fourfold, causing massive pressures on our foreign reserves and thereby also exporting our jobs,” he further said, adding, “As a nation that seeks economic growth urgently and food security; we must reverse this trend, immediately.”
