The Agriculture Summit Africa (ASA) 2024, held at the Transcorp Hilton Conference Center in Abuja from November 11 to 12, 2024, brought together policymakers, agricultural experts, and key stakeholders to address Africa’s food security challenges.
Organised by Sterling Bank in collaboration with the Benue State government, African Union, International Finance Corporation (IFC), Leadway Assurance, and other partners, the event focused on transitioning the continent “From Scarcity to Security.”
Now in its seventh year, the summit served as a platform for strategic discussions on policy reforms, financing solutions, and innovations to strengthen Africa’s agricultural sector.
During the event, Sterling One Foundation reinforced its commitment to empowering smallholder farmers, particularly women and youth, through financial support, training, and market access initiatives. Olapeju Ibekwe, CEO of Sterling One Foundation, emphasised the foundation’s role in driving sustainable agricultural systems that enhance food production and economic growth.
A key highlight was the discussion on access to finance, one of the most pressing barriers in Nigeria’s agricultural sector. Sterling Bank’s SWAY AgFin program, developed in partnership with the Mastercard Foundation, has already provided single-digit interest-rate loans to over 20,000 women and young farmers.
Abubakar Suleiman, Managing Director of Sterling Bank, noted that while security challenges affect food supply chains, it is crucial to continue supporting farmers who can work. He urged stakeholders to ensure financial resources reach the right people to boost local food production and reduce import dependence.
Also speaking at the summit, Professor Banji Oyelaran-Oyeyinka, Senior Special Adviser to the President of the African Development Bank (AfDB) on Industrialisation, highlighted the urgent need for Africa to drive its own Green Revolution within the next five years. He noted that Nigeria spent approximately $10 billion on food imports in 2023, which must be reduced through increased domestic production and agricultural investment.
Throughout the two-day event, panel discussions and strategic sessions explored agriculture’s role in economic sustainability, innovative financing for smallholder farmers, and policy frameworks to support long-term agricultural transformation.
Sterling Bank reaffirmed its focus on agriculture as one of its five core pillars under its HEART Strategy—Health, Education, Agriculture, Renewable Energy, and Transport. The bank’s agricultural financing initiatives and targeted investments in rural farming communities are helping drive sustainable food production in Nigeria.
The summit concluded with a call to action for governments, financial institutions, and private sector players to collaborate more effectively in tackling food insecurity. Stakeholders acknowledged that policy reforms, innovative funding mechanisms, and knowledge-sharing platforms like ASA are critical in building a resilient agricultural sector across Africa and shaping Africa’s agricultural future.
