Sterling Bank has revealed its intention to dedicate N1bn to support agro-innovators during the upcoming 5th edition of the annual Agric Summit Africa. The event, renowned for its significant contributions to the agricultural sector, is scheduled to take place in Lagos, Nigeria, in November 2023, under the theme ‘Empowering innovations: A confluence of capital, vision, and agribusiness enterprise.’
According to a statement, Dr. Shola Obikanye, the Group Head of Agric and Solid Minerals, emphasized the critical role played by the Agric Summit Africa (ASA) since its inception in 2019. The summit has consistently served as a platform for addressing crucial challenges within Nigeria’s agriculture sector by convening influential stakeholders from various industries to explore innovative solutions.
Dr. Obikanye further highlighted that the ASA will introduce an incubator-style investors’ deal room this year. In addition to facilitating insightful discussions, the deal room will provide agribusiness entrepreneurs with the opportunity to showcase their innovative ideas and secure the necessary funding and business support to scale their ventures.
Promising agro-innovators will have the chance to present their transformative business solutions to a panel of industry experts, with the potential to secure grants of up to N50m and various financing options totaling up to N1bn.
The initiative, known as ASA AgroPitch 2023, is a testament to ASA’s commitment to bolstering Nigeria’s agriculture sector and driving the necessary changes for advancement by injecting significant capital at the SME level.
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