Posted on November, 28, 2024 at 09:59 am
The recently concluded Agriculture Summit Africa (ASA), held in Abuja under the theme, “Transitioning from Scarcity to Security,” achieved a milestone with deals worth over $100 million sealed to strengthen agricultural value chains across Africa.
The summit, spearheaded by Sterling One Foundation in partnership with Sterling Bank, brought together private and public sector players, including the African Union, International Finance Corporation (IFC), Leadway Assurance and the Benue State Government. Against the backdrop of rising food insecurity and climate challenges, ASA emerged as a crucial platform for driving innovative solutions and forging transformative partnerships.
A highlight of the summit was the Nigeria Feed, Fodder, and Livestock Investment Deal Room, Series 1, which facilitated high-level discussions and secured over $100 million in commitments. This forum brought together key stakeholders, including Olapeju Ibekwe, Chief Executive Officer of Sterling One Foundation; Idris Ajimobi, Senior Special Assistant to the President on Livestock Development; Winnie Lai-Solarin, Director of Animal Husbandry Services at the Federal Ministry of Agriculture and Rural Development; and Michael Oglegba, Commissioner for Finance and Budget Planning, Benue State Government.Dr. Olusola Obikanye, Group Head, Agric Finance and Solid Minerals, Sterling Bank, underscored the bank’s commitment to sustainable development, stating: “Sterling Bank is deeply committed to driving transformative impact across critical sectors such as agriculture, as outlined in our HEART strategy—Health, Education, Agriculture, Renewable Energy, and Transportation.
ASA is a platform for addressing Africa’s pressing agricultural challenges, and the deals signed at the Nigeria Feed, Fodder, and Livestock Investment Deal Room reflect the growing confidence in strategic partnerships to unlock the potential of agricultural value chains and drive sustainable growth across the continent.”
The summit also highlighted collaborative efforts to strengthen agriculture in Nigeria and beyond. Michael Oglegba, Benue State Commissioner for Finance and Budget Planning, expressed optimism about the partnerships formed at ASA, saying:
“The Deal Room at ASA provided a platform to attract strategic partnerships that address key challenges in agriculture. Through this forum, Benue State secured a partnership with South African investors to enhance feed production and livestock systems. This collaboration will not only strengthen our agricultural value chains but also position Benue to further contribute to food security in Nigeria and across Africa.”
Olapeju Ibekwe, CEO of Sterling One Foundation, highlighted the foundation’s pivotal role in advancing food security through partnerships and investments. She remarked:
“ASA exemplifies the power of collaborative action in addressing Africa’s agricultural challenges. Food security is one of our focus areas, and this aligns with the investments and partnerships made possible through the Deal Room. Initiatives like this are instrumental in driving inclusive development and creating jobs across the agricultural value chain.”
Sterling One Foundation continues to champion impactful programs, including the Agriculture Support Programme for rural women farmers, which equips women with resources and training to scale their agribusinesses. Another initiative, the Youth Agro Development Program (YAD), empowers young people with tools and financing to venture into agriculture, fostering financial independence and economic stability.
The catalytic investments brokered at ASA’s Deal Room underscore a transformative future for agriculture in Nigeria and Africa.
By leveraging partnerships, targeted investments and innovative solutions, the summit laid out a blueprint for tackling food security challenges and driving long-term socio-economic impact across the continent.
ASA’s outcomes reaffirm the importance of collaborative action in transitioning Africa from food scarcity to security while addressing the wider challenges of climate change and economic inclusivity.
Source: The Sun