Search NaijaAgroNet

Sunday, November 3, 2013

IFC, Diamond Bank increase agric finance by N5tn


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
NaijaAgroNet
... Linking agrobiz, people & technology

3 comments:

  1. This is very interesting, You’re a very skilled blogger. I’ve joined your rss feed and look forward to seeking more of your magnificent post. Also, I’ve shared your website in my social networks!

    free game online
    jogos 4 school online

    ReplyDelete

  2. You know what? I really like your posts. I wander on the internet to find something new or unique. And I see your articles. I decided to linger at your site and read more and more. I hope that you can upload new posts. I will be the first one to read them. Thanks a million
    gogy online games
    Games friv online
    1 player games unblocked

    ReplyDelete
  3. I learn some new stuff from it too, thanks for sharing your information.More new Update and I Already Read your Recent Post its Great Thanks.
    miniclip motorbike games,
    a10 games,
    Jogos para crianças 2019

    ReplyDelete

Share ur views here