Stanbic IBTC Funds Nigerian Fertiliser Supplier, Huetha Global Services, To Aid Farmers

News in brief: Stanbic IBTC Holdings is providing funding to Huetha Global Services, facilitated by its subsidiary Stanbic IBTC Bank, to supply fertiliser and enhance farmers' productivity. The bank aims to support the agricultural sector by offering various solutions, including financing options, cash flow maintenance, and flexible repayment terms, to agribusinesses in Nigeria.

Stanbic IBTC Holdings is funding Huetha Global Services, through its subsidiary, Stanbic IBTC Bank, to supply fertiliser to farmers. The bank aims to improve the agro company's capacity and improve farmer's production in the process.

In its press release, the financial institution said that the move is part of its mission to support agric businesses in Nigeria. It also offers other solutions to businesses in the sector such as creating gap-funding and financial needs solutions for them, cash flow maintenance, and offerung flexible repayment terms.

Through its head of agribusiness, business and commercial cliants, Wole Oshin, the bank said that it is ready to partner with customers at different stages, in and out of season, starting from input level (seed and fertilisers) to harvesting, processing and distribution.

The bank recognises agriculture's role to the economy and food security.

Salem Ahenjir, Huetha Global Services CEO, said that it has been partnering with the bank as far back as 2012. Together, they have improved the former's agro-inputs financing and its value chain capacity.

"Stanbic IBTC Bank offers the opportunity to off-take various commodities farmers produce from their farms. This way, we improve the agricultural value chain across touchpoints," Ahenjir said.

He added that the rise in fertiliser prices makes increasing farmers' timely access to them at 'the best price' important.

These and other efforts we have recently covered are part of the support going into the struggling sector. Yet, there is still a looming food crisis in Nigeria.