Finance

Nigeria: Ecobank to invest $193mln in agricultural businesses in the next two years

Monday, 13 January 2020 14:44
Nigeria: Ecobank to invest $193mln in agricultural businesses in the next two years

(Ecofin Agency) - In Nigeria, the pan-African bank Ecobank has announced a plan to inject $193 million (70 billion naira) in agricultural businesses over the next two years. The project targets companies that have strong impact in the different value chains of the sector.

This strategy aligns with the Agribusiness and Food Summit the bank is organizing in the country next month, in partnership with Vanguard Conferences. “We are delighted to be partnering with Ecobank Nigeria on the conceptualization, strategy, and execution of this high profile event in line with the Central Bank of Nigeria’s agriculture policy and the Economic Recovery and Growth Plan (ERGP) of the Federal Government,” Jude Ndu, Co-Founder at Vanguard Conferences, said.

According to Mojisola Oguntoyinbo, who heads the agribusiness division at Ecobank Nigeria, the summit is part of the bank's contribution to the growth and development of agriculture in the country. She stressed it is an opportunity for sector players “to exhibit their products and services within the agriculture value chain.”

Agriculture plays a key role in Nigeria’s economy. The sector sustains about 36% of the working population and contributes over 20% to GDP, according to official statistics.

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