Such funding could be channeled through the platform provided by the African Rural and Agricultural Credit Association (AFRACA), Emeka Enuwa, the bank’s Chief Executive Officer (CEO) said in a statement reaching Xinhua in Lagos.

First Capital Plus' new status brings the total number of commercial banks in the country to 27.

Bank
Enuwa said most of the African countries are facing the same dwindling economic fortune like Nigeria, noting that the reality is that agriculture is critical to the goals in sub-Saharan Africa.

“If you look at a few countries like Kenya, agriculture contributes seven percent of Gross Domestic Products (GDP); Ghana 22 percent, and Cote d’Ivoire, 22 percent,” he said.

“In Nigeria, over the past three years, the number has been 23 percent agriculture contribution to GDP,” he added.

According to him, agriculture was also the largest employer of labor on the continent.

“If we have a sector that employs 65 percent of the continent’s labor force, it is important that we support that sector and make that sector work,” he said.

“In Nigeria, agriculture accounts for approximately 50 percent of employment of labor force,” the CEO said, calling on more funding in the sector. Enditem

Source: Xinhua

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