First City Monument Bank (FCMB) has been honoured with the Nigeria Agribusiness Investment Award 2023.
The award, presented by Feed the Future Nigeria, the United States of America’s Global Hunger and Food Security Initiative, celebrates innovative and impactful partnership with FCMB.
The award is for the bank’s outstanding contribution to transforming agricultural finance and supporting the sustainable, long-term change needed to end chronic hunger and poverty in Nigeria.
Related PostsSupreme Court verdict: Team up with Tinubu for good governance, Olubadan urges Atiku, Obi Morgan Stanley to reclassify Nigeria indexes from frontier to standalone markets statusForeign reserves dwindle by $3.8bn in 10 months
“We are immensely proud to receive this recognition. This award emphasises the importance of responsible investment in agriculture and reaffirms our commitment to transforming Nigeria’s agriculture value chain,” said Mrs Yemisi Edun, Managing Director of FCMB.
Over the past five years, FCMB and Feed the Future Nigeria have joined forces to revolutionise agricultural finance and investment, enhancing the agribusiness landscape in Nigeria. Through this collaboration, they have successfully reduced agribusiness credit risks, paving the way for financial growth and stability within the sector.
Kudzai Gumunyu, Divisional Head of Agribusiness and Non-Oil Exports at FCMB, said, “Our partnership with Feed the Future Nigeria demonstrates the potential of innovative financing models in agriculture.
“We believe that responsible persuasion and creative solutions can lead to a brighter future for agribusiness in Nigeria.”
The partnership focused on five key value chains – rice, maize, soybean, cowpea and aquaculture – across seven strategic states – Benue, Cross River, Delta, Ebonyi, Kaduna, Kebbi and Niger.
Recognising that smallholder farmers and micro, small and medium enterprises (MSMEs) are the backbone of the agribusiness ecosystem, the partnership has prioritised capacity-building, equipping these vital stakeholders with the tools and knowledge they need to access the financing and financial services they deserve.
One innovative method used to expand access to financial services is utilising local lead businesses, known as aggregators, who serve as intermediaries. This strategy efficiently connects smallholder farmers and SMEs to economic opportunities while reducing operational costs.
This symbiotic relationship has led to new, groundbreaking funding approaches that have expanded access to capital, benefiting more than 3,000 smallholder farmers. It is a testament to the power of collaboration and responsible persuasion, which can drive transformation within the agricultural sector.
The Nigeria Agribusiness Investment Award 2023 celebrates the synergy between USAID Feed the Future Nigeria and First City Monument Bank, showcasing the profound impact of responsible investment in agriculture.
Source : Zawya