By Jeph Ajobaju, Chief Copy Editor
Nigeria’s agricultural output now up 1.3 per cent is insufficient to meet food and raw material demands, according to Sterling Bank Board of Directors Chairman, Asue Ighodalo.
He said it is unacceptable and a paradox to lack raw materials and experience food shortage in the midst of so much fertile and arable land across Africa.
“In the last three years, our bank has paid attention to and concentrated resources on the health, agriculture, renewable energy, education and transportation sectors.
“These when put together represents the heart of Sterling, and right in the middle of our strategy is the agriculture sector to us,” Ighodalo said at the fourth Agriculture Summit Africa (ASA) 2021 the bank organised in Lagos.
“With millions at risk of being deprived of their means of livelihoods occasioning major concerns around food security, with an estimated population of over 200 million growing at an annual rate of three per cent, regardless of recent interventions, agricultural productivity in Nigeria growing at about 1.3 per cent is insufficient to meet our food and raw materials demand.”
According to Nairametrics, he warned that Nigeria’s agriculture deficit continues to widen despite government interventions and a wide range of opportunities, citing low yields per hectare due to shortages in quality inputs and climate change, among other factors.
Sterling Bank’s commitment to agric
Ighodalo said Sterling Bank is committed to changing the narrative in the agriculture sector, and catalysing revenue growth, stressing that the developed world is in the middle of the fourth industrial revolution and Africa is still way behind.
Saro Africa Group Managing Director/Chief Executive Officer, Rasheed Sarumi, said Nigeria is faced with numerous challenges, one of which is dollar liquidity due to a huge import bill, which agriculture can rescue.
In his view, innovation can solve problems and attract smart capital, address consumer pains, propel growth of agriculture in Africa, more than the continent has had for several years.
“If we get productivity right, we will have the opportunity to serve Africa and the globe.
“Agriculture is about using technology and innovative tools to solve problems that will lead to creating wealth and getting more people to be involved in agriculture,” Sarumi said.
Agric output
Nigeria’s agricultural sector grew 1.3 per cent (year-on-year) in the second quarter of 2021 (Q2 2021), a decrease against 1.58 per cent in Q2 2020 and 0.97 per cent in Q1 2021 which grew 2.28 per cent.
The sector has grown 1.77 per cent in 2021 compared to 1.88 per cent for the first half of 2020.
