Nigeria: Access Bank Woos Nigerian Farmers to Agric Funding Facility

Apr 08, 2019 | The Guardian; All Africa

Access Bank Plc has urged Nigerians and corporate organisations to leverage the bank's financial support and solutions to grow their agricultural businesses.

The bank's Head of Agric Desk, Opeyemi Olutayo, while addressing participants at the Agro-Food Nigeria exhibition in Lagos recently said the financial institution as an agric-supporting bank had the capacity to fund from the initial stage of input purchase to production, processing, logistics, marketing and consumption.

He said: "Be it a bigger player, large corporate or small holder farmer, we first of all assess what you want to do, and if you are an individual, we assist you to form a cooperative, which gives a small leverage to have access to the facility.

"We are not lowering the conditions attached to the lending, but we make it a bit simpler for you to make sure that you can have access to this fund. Nothing stringent is attached. Once you meet the conditions, we provide the funding but where you cannot, we structure you in such a way that we link you to an off-taker to provide some soft landing for you."

He stated categorically that Nigeria is faced with N800 billion funding gap in the agricultural sector, but the government had done so much to bridge the gap.

The Head, German Desk, Access Bank, Sebastian Barroso, said the German desk is a bridge between Germany and Nigeria in the provision of consumer-based finance for German customers that want to export for Nigerian counterparts that need access to finance.

"Both of them are looking for the bank that provides then with a more adequate solution. We are connected to the Director-General, and we have possibilities to access finance from a different angle.

"We have a network from the German and Nigerian bank which is Access Bank that is helping us achieve our aim," he said.

Source: All Africa