Economy
Stanbic IBTC Bank Assures Agribusiness Owners Loans for Expansion
By Aduragbemi Omiyale
One of the aspirations of agribusiness owners is to expand their operations but this has not been mostly achieved because of the paucity of funds.
However, Stanbic IBTC Bank has promised to solve this problem by providing financing solutions for agricultural enterprises to suit their requirements concerning the availability of resources to purchase mechanised farming equipment, as well as the enhancement of seasonal cash flow for industrial production.
The lender stated that it is supporting the sector because of its importance to the country’s economy as it is central to sustainable development and critical for generating employment.
The Head of Agribusiness at Stanbic IBTC Bank, Mr Wole Oshin, said that Nigeria’s ambitions for accelerated and inclusive economic growth were contingent on achieving a vibrant agro-allied sector that can support extensive enterprise development and employment.
He stressed that Stanbic IBTC offered various credit facilities across the agricultural sector that aid value chain players to thrive.
“The available loan facilities are targeted at agribusinesses to provide short-medium term financing needs of crop and livestock producers, processors, their distribution chain and other value chain players. The loans provide revolving working capital (to meet day-to-day operational needs and purchase inputs like seeds, fertilizers, raw materials) and equipment finance solutions to farmers and agribusinesses,” Mr Oshin said.
According to him, some benefits of the Stanbic IBTC agribusiness finance include the availability of gap funding for unforeseen financial needs, maintenance of cash flow and flexibility of repayment terms based on the type of funding. He added that the facility was also versatile and can be utilised for funding resources for small and medium-sized enterprises (SMEs), vehicles and farming equipment.
Furthermore, Mr Oshin added that Stanbic IBTC had intensified efforts towards the improvement of the agro-allied sector by offering free capacity-building sessions to SMEs in the industry, noting that most sessions helped in educating SME owners on key business skills.
He noted that Stanbic IBTC Bank equally provided financing solutions for agricultural enterprises to suit their requirements concerning the availability of resources to purchase mechanised farming equipment, as well as the enhancement of seasonal cash flow for industrial production.
“For instance, Stanbic IBTC committed ₦50 billion to launch a nationwide agricultural finance scheme. The Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) and signed a memorandum of understanding to boost agricultural productivity and modernisation by facilitating increased bank lending to the sector,” he stated.
Mr Oshin said that Stanbic IBTC has committed these funds for the takeoff of the scheme. The first phase of the scheme is projected to impact thousands of lives through job creation and boost the revenue of farmers and businesses in the agro-allied industry, which is a testament to the financial institution’s efforts to drive inclusive economic growth through agriculture.
He explained that Stanbic IBTC envisioned that the programme would increase farmland output, diversify the revenue base, and provide vital resources and raw materials to the manufacturing sector. He said that the idea of providing financial solutions for agriculture and agro-allied industries as a strategy for accelerated economic growth is gradually beginning to take hold.
“Stanbic IBTC understands that funding the agro-allied industries is a sure way to diversify the Nigerian economy, as these industries are primed to spark off rapid enterprise development in Nigeria,” Mr Oshin noted.
Enhancing credit access to small farmers and agro-based enterprises at low rates of interest will have a far-reaching impact on the micro and macro economy. The growth of the agricultural sector is pivotal to economic development. Stanbic IBTC recognises this and that is why the organisation is intentionally developing initiatives and fostering partnerships that support players in the industry.
By Adedapo Adesanya
The duo of MRS Oil and FrieslandCampina Wamco Nigeria Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.68 per cent on Friday, June 5.
MRS Plc lost N19.00 during the session to sell at N171.00 per share compared with Thursday’s value of N190.00 per share, and FrieslandCampina Wamco Nigeria Plc depreciated by N8.70 to finish at N181.68 per unit compared with the preceding session’s N190.38 per unit.
As a result, the market capitalisation further lost N22.59 billion to close at N2.607 trillion versus the N2.630 trillion it ended a day earlier, and the NASD Unlisted Security Index (NSI) dropped 37.76 points to settle at 4,358.32 points, in contrast to the previous day’s 4,396.08 points.
The alternative stock market closed the last trading day of this week with a price gainer, Central Securities Clearing System (CSCS) Plc, which gained 6 Kobo to quote at N78.40 per share compared with the preceding session’s N78.34 per share. However, it could not prevent the market from going down at the close of business.
Yesterday, the volume of securities bought and sold by investors went down by 50.0 per cent to 140,345 units from the preceding day’s 280,714 units, the value of stocks decreased by 16.5 per cent to N17.9 million from the previous session’s N21.5 million, and the number of deals carried out by market participants fell by 35.7 per cent to 27 deals from the 42 deals recorded on Thursday.
When trading activities closed for the day, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 64.7 million units traded for N4.4 billion.
GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units valued at N415.7 million.
By Dipo Olowookere
Renewed interest in financial stocks and others lifted the Nigerian Exchange (NGX) Limited by 0.15 per cent on Friday.
Customs Street closed higher yesterday despite the 1.37 per cent loss recorded by the consumer goods sector as a result of profit-taking.
This was offset by gains in the other key sectors of the local bourse, as the insurance counter chalked up 1,14 per cent. The banking space appreciated by 0.90 per cent, the industrial goods segment grew by 0.46 per cent, and the energy sector expanded by 0.01 per cent.
Consequently, the All-Share Index (ASI) went up by 366.00 points to 242,593.31 points from 242,227.31 points, and the market capitalisation gained N235 billion to close at N155.594 trillion compared with the previous day’s N155.359 trillion.
The trio of International Energy Insurance, Abbey Mortgage Bank, and DAAR Communications improved by 10.00 per cent each yesterday to N7.26, N9.35, and N1.98, respectively, while Zichis advanced by 9.39 per cent to N32.38, with Sovereign Trust Insurance up by 8.70 per cent to N2.50.
On the flip side, Academy Press lost 9.84 per cent to quote at N8.25, University Press depreciated by 9.73 per cent to N5.10, Africa Prudential dipped by 2.63 per cent to N12.95, Chams crumbled by 2.44 per cent to N4.00, and International Breweries slipped by 1.59 per cent to N12.35.
Business Post reports that the market breadth index was positive during the session after recording 37 appreciating equities and 14 depreciating equities, implying strong investor sentiment.
Abbey Mortgage Bank led the activity chart with a turnover of 164.1 million units worth N1.5 billion, Ellah Lakes sold 76.7 million units for N767.2 million, Access Holdings transacted 44.8 million units valued at N1.1 billion, Linkage Assurance exchanged 23.0 million units worth N41.2 million, and The Initiates traded 20.2 million units for N562.1 million.
At the close of trades, market participants transacted 608.5 million units worth N32.0 billion in 53,826 deals versus the 588.5 million units valued at N27.9 billion executed in 57,352 deals in the previous session. This showed that the number of deals eased by 6.15 per cent, the volume of transactions rose by 3.40 per cent, and the value of transactions soared by 14.70 per cent.
By Adedapo Adesanya
The Naira further depreciated against the United States Dollar by N3.46 or 0.25 per cent to N1,362.21/$1 from N1,358.75/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 5.
However, it appreciated against the Pound Sterling in the same market window during the session by N4.47 to trade at N1,823.59/£1 compared with the previous day’s N1,828.06/£1, and gained N7.00 against the Euro to sell at N1,574.58/€1, in contrast to Thursday’s closing price of N1,581.58/€1.
For another trading session, the Nigerian Naira maintained stability against the Dollar in the parallel market and the GTBank forex counter on Friday at N1,375/$1 and N1,372/$1, respectively.
The Naira is expected to remain strong in the near term, backed by a rise in external reserves, which are nearing $50 billion, enhancing analysts’ confidence about its outlook in the second half of 2026.
Heightened global uncertainty has reduced the incentive for importers and corporates to demand FX, as cautious trade weighs on import needs. Analysts estimate a $40 billion net FX position for the year, a projection anchored in oil windfall gains.
As for the cryptocurrency market, prices remained depressed following a strong US jobs report that spurred markets to price in higher-for-longer interest rates, sending Treasury yields and the dollar up while hammering stocks, especially AI-related names. Crypto markets saw heavy leverage washouts with about $1.6 billion in positions liquidated over 24 hours.
Ethereum (ETH) gave up 4.9 per cent to trade at $1,584.68, Solana (SOL) fell by 3.3 per cent to $63.22, Bitcoin (BTC) crashed by 1.9 per cent to $61,333.23, Dogecoin (DOGE) slipped by 1.8 per cent to $0.0821, and Ripple (XRP) moderated by 1.8 per cent to $1.09.
Further, TRON (TRX) dropped 1.6 per cent to sell at $0.3197, Binance Coin (BNB) slumped by 1.0 per cent to $581.18, and Cardano (ADA) declined by 0.4 per cent to $0.1589, while the US Dollar Tether (USDT) gained 0.07 to sell at $0.9997, and US Dollar Coin (USDC) closed flat at $0.9998.
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