CBN hails bank’s sterling support to farming


Central Bank of Nigeria

from HENRY IFEANYI in Lagos, Nigeria
LAGOS – THE Central Bank of Nigeria (CBN) has named Sterling Bank Plc as the best performing bank under the Commercial Agriculture Credit Scheme.

This is in recognition of its commitment to the growth of the agricultural

Commending the bank at the Micro, Small and Medium Enterprises Finance
conference in Abuja CBN Governor, Godwin Emefele, said that with the
support of financial institutions, activities in the agricultural sector
would increase and in the process take its rightful place in the nation’s

Receiving the award on behalf of the bank’s Managing Director, the
Regional Business Executive of Sterling Bank, Japhet John, assured that
the lender would continue to provide funding across the value chain to
ensure sustainable growth for the sector.

“Agriculture is an important sector of the economy with high potential for
employment generation, food security and poverty reduction. The sector
played a key role in the economic growth of the country before the
discovery of oil.

“At Sterling Bank, we intend to bring back these glorious days for the sector through adequate funding. The role of the financial institutions is to support the economy.

“Today, agriculture still remains a main stay of Nigeria’s economy as it provides the majority of the populace with employment, income and food,” he said.

John said self-sufficiency in food production must be the top priority of
any government but this could not happen unless there existed proper
financing structures.

“At Sterling Bank, we provide finance and advisory services to individuals
and companies that need funds to finance agriculture and agro allied

“We finance all actors along the value chain from production to processing as well as input, transportation and marketing among others,” he said.

John said the bank had achieved about 3,5 per cent of the five per cent
allocated to the sector, just as he assured that allocation to the sector
would be increased before the end of the year.

“We are very much involved in the Growth Enhancement Scheme (GES) of the Federal Government as Sterling Bank is one of the few banks that supported the scheme when it commenced and have remained so till date,” he added.

– CAJ News





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Posted by on Aug 21 2014. Filed under Finance, Finance & Banking. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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