Sterling Bank Targets $300M for Agricultural Investment

Sterling Bank, in collaboration with partners, is targeting a $300 million investment pipeline at the Agriculture Summit Africa (ASA) 2026 to expand agricultural finance beyond mere farm production. As of April 2026, Sterling Bank's agricultural lending had increased to ₦277 billion, accounting for 18% of its total loan book, marking a 30% year-on-year growth.

Despite this increase, the agricultural sector faces significant financing challenges in transforming production into commercially viable businesses. Mr. Abubakar Suleiman, Managing Director/Chief Executive of Sterling Bank, emphasized the need to focus on the value chain where economic value is lost.

He noted that Nigeria, as the world's largest cassava producer, captures only about 2% of the global processed cassava market, highlighting a critical ownership issue. Sterling Bank has invested over $500 million in agricultural output, generating over one million jobs and integrating more than 150,000 smallholder farmers into the formal financial system.