Stanbic IBTC Restates Commitment to Agriculture

Stanbic IBTC, a member of Standard Bank Group, has said it plans to increase its allocation to the agricultural sector, given the importance of the sector to job creation and economic prosperity and growth.

The Chief Executive of Stanbic IBTC Holdings PLC, Mrs. Sola David-Borha, reiterated this commitment at the 2016 Stanbic IBTC Business Leadership Series in Lagos recently.

David-Borha said financing remains a critical component of a vibrant and sustainable agricultural sector and that the Stanbic IBTC Group will continue to help unlock opportunities that exist in the sector through its support for businesses and initiatives across the entire agriculture value chain.

“We all know that agriculture is capable of creating millions of jobs across the entire value chain, drive export and the much-needed foreign exchange. We intend to continue to support that sector by increasing our allocation and providing a platform for engagement. We have a defined risk appetite for agriculture and we have structured our portfolio to ensure that we manage this risk as we support farmers in primary production as well as agro-allied businesses,” David-Borha said.

She said as the next growth sector, the focus on agriculture was not misplaced and urged stakeholders in the agriculture value chain, particularly governments and private sector players, to renew the focus through partnerships and initiatives that will maximise the sector’s potential.

Stanbic IBTC, David-Borha stated, was also committed to providing platforms like the Business Leadership Series for showcasing Nigeria’s economic potential to the world, particularly ongoing reforms in the agricultural sector, with emphasis on improvements in infrastructure, agro-industrial zones, financing and an enabling policy environment crucial to the full exploitation of the agricultural value chain and attainment of food security. Vienna, Austria, 25 October 2016--The price of OPEC basket of fourteen crudes stood at $48.15 a barrel on Monday, compared with $48.08 the previous Friday, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).