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UBA restates commitment to agric lending

By on August 13, 2015

United Bank for Africa Plc says it is committed to increasing its lending to the agricultural sector.

The lender stated this on Saturday when it was named Nigeria’s Biggest Lender To Agriculture by the Lagos Chamber of Commerce and Industry.

The award was given at the chamber’s annual Commerce and Industry Awards Night.

The LCCI recognises private and public sector institutions operating in Nigeria which have demonstrated best business practices, business sustainability and growth through innovations.

UBA was honoured on the night for consistently supporting the growth of agriculture in Nigeria.

The bank in a statement said as far back as 2009, it had floated the largest private sector funding scheme of N50bn to support agriculture and agro-processing industries in Nigeria.

The statement read, “Since then, UBA has sustained its commitment to the agricultural sector by committing an average of seven per cent of its loan book to agricultural financing, well above the banking industry average of four per cent.”

UBA was one of the two banks selected in 2010 to administer the N200bn Agriculture Fund set up by the Central Bank of Nigeria due to its commitment to agricultural financing and geographical spread across the country.

The statement quoted the President, LCCI, Mr. Aderemi Bello, as saying that the companies which won the awards were selected because they had created wealth and improved the wellbeing of the Nigerians through employment creation among others.

The Group Managing Director, UBA, Mr. Phillips Oduoza, thanked the LCCI for the recognition given to the bank, and gave the assurance that the bank would continue to support the agricultural sector.

“Agriculture is key to diversifying the Nigerian economy from dependence on oil. As we have demonstrated over the years, we will continue to support and lend to the sector not only in Nigeria but across Africa” said Oduoza.

 

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