International
Finance Corporation,(IFC) a member of the World Bank Group has said it will provide advisory services to
Diamond Bank Plc to help the lender increase access to finance in Nigeria’s
agricultural sector by up to $33million (about N5 trillion )over two years.
This was
made known in a statement issued by the corporation, sighted by NaijaAgroNet which explained that the projected lending would
be extended to small and medium enterprises across the sector, including
livestock farmers, producer groups, distributors, processors, traders and
retailers.
“It will also target almost 2,000 small holder farmers. IFC will provide Diamond Bank with advisory services on strategy, product
development and risk management, and help develop a financing model to viably
lend to small and medium agribusinesses,” the statement said.
The Group
Managing Director/CEO, Diamond
Bank, Mr. Alex Otti said the bank has always demonstrated
market leadership in the provision of innovative financial services and
solutions to all segments of the society and stressing that partnership with IFC, the bank will serve the
Nigeria’s newly emerging bankable population in the agricultural sector better,
and create more growth opportunities for the players as well as the economy.
IFC
Financial Markets Manager in Sub-saharan Africa, Mr. Ian Weetman, said
increasing growth and employment in the agricultural sector was a critical
objective for IFC in Nigeria and sub-Saharan Africa; hence the corporation’s
advisory services geared towards increasing access to finance throughout the
agricultural and food supply chain.
NaijaAgroNet confirmed that IFC and Diamond Bank have been longstanding partners that
have seen agriculture as the main activity of the majority of Nigerians, accounting for 40 per cent of Gross Domestic
Product (GDP) and 60 per cent of employment, but presently only receives 1.4
per cent of total commercial bank lending in the country.
AN/EDop
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