Sterling Bank Plc has announced plans with its partners, Leadway Assurance, Nestle Nigeria Plc, Microsoft Nigeria, Thrive Agric, GIZ, Stears Data and others for this year’s African Agriculture Summit (ASA); the largest private sector-led conference on the agricultural sector in sub-Saharan Africa.
Registration for this edition of the Summit is underway at www.agricsummit.org. It is expected to focus on how the agribusiness sector can unlock more value, accelerate growth and transform Nigeria into a trillion dollar economy.
Dr Olusola Obikanye, Group Head of Agriculture and Solid Minerals Finance at Sterling, made the announcement in a statement released by the bank yesterday.
He said ASA 2022, themed “Genius Trillion Dollar Agricultural Economy”, will highlight, among other objectives, the recent successes of Nigeria’s agricultural diversification efforts by showcasing achievements and actual innovations while driving the discourse to achieve concrete milestones that will pave the way to achievement. the true potential of the agri-food sector of the economy.
In the statement, the leader of the group said, “With our roster of esteemed partners, the value of a gathering like the ASA to the Nigerian agribusiness sector and economy becomes evident as the focus grows stronger for make the most of the comparative advantages that Nigeria has to help the country reach its potential”.
Dr. Obikanye said the Summit, among other focus areas; deepen the conversation on Africa’s small primary producers who make up over 60% of Africa’s agricultural population and produce over 90% of our national production.
He reiterated that Nigeria and Africa as a whole must step up their import substitution efforts by producing and sourcing at least 70-80% of raw materials locally to revive our industries and create jobs for our people. large populations.
According to him, this would stimulate mechanization, acquisition of inputs and expansion of operators among value chain actors and result in higher production.
The cluster leader explained that the summit will seek to explore the feasibility of sustainable large-scale storage and power solutions to drive aggregation and processing for value multiplication as the foundation of services built around the sector production.
According to him, it is more important than ever to capitalize on the opportunities created in the African Continental Free Trade Area (AfCFTA) to create a regional market for Nigerian products.
He added that the summit will also showcase innovation through the pillars of technology and production techniques to generate interest and subsequently stimulate investment in sectors with the potential to accelerate industry growth.
In addition, the summit scheduled for October 26-27, 2022 is expected to promote the use of the Pan-African Payments and Settlement System (PAPSS), which is the main value creation mechanism of trade in the region.
He remarked that the Nigerian economy has immense and unrealized potential in its primary productive sectors to achieve an estimated Gross Domestic Product (GDP) of around $440 billion, noting that recent world events have drawn attention on the volatility of the primary source. foreign exchange for the Nigerian state, as well as the country’s ability to retain the value of its currency, maintain stability and a year-round supply of raw materials, provide employment to purchase goods and services and create value to stimulate economic growth.
Dr. Obikanye pointed out that the economies of some of the world’s most developed countries share many similarities in their path to prosperity.
He went on to say that whether an economy is based on extraction, processing, trade, services, tourism or technology, each generally benefits from its distinct gifts in a combination of the following factors that drive growth economic: land, labor, capital and entrepreneurship.
The group leader noted that beyond these factors there is a central element of will, where the focus is on implementing a turnaround with existing assets.
He noted that the world’s most established economies will always be a point of reference for other nations due to the strength of their primary, secondary and tertiary sectors and their eventual diversification into knowledge-based economies.
He noted that these super-economies have an underlying base which is usually a robust extractive and production sector which serves as the bedrock for almost all other layers of value creation in these markets.