The Nigerian agricultural sector is set to witness huge growth following the appointment of Heritage Bank PLC as lead settlement bank and transaction adviser to the Gezawa Commodity Market. The bank’s collaboration with relevant stakeholders is expected to revolutionize the agricultural value -chain.
A memorandum of understanding (MoU) was signed between Heritage Bank and Gezawa Commodity Market and Exchange Ltd (GCMX) , whilst more than 10, 000 farmers belonging to 3,000 cooperatives from Kano State’s 44 local governments were hosted .
The two firms’ partnership is anticipated to facilitate the ease of agro commodity trading in a more structured way, especially given the proximity to Dawanau, the largest grain market in Africa.
The Managing Director and/Chief Executive Officer of Heritage Bank PLC, Ifie Sekibo, who was a panelist at the second GCMX Farmers’ Cooperative Forum in Kano, stated that the partnership was targeted at de-risking the sector tothat would bring about structured and enhanced agro-business, as well as attaining food security for economic development.
Executive Director Jude Monye, who represented Sekibo, explained that the partnership, which would help bridge the huge gap associated with risk, would fast-track effective price discovery mechanisms, and traceability, and enhanced trade settlement services.
Speaking at the event, the executive director and /CEO of the Nigerian Export Promotion Council (NEPC), Segun Awolowo, affirmed that the NEPC would ensure that the MoU’s purpose is achieved , while also noting that the initiative would help foster the diversification of non-oil export trade.
Project consultant for Gezawa, Binchang Binfa, explained that the ultimate goal was to unlock the vast potential of the agricultural value chain via partnerships and synergies with likeminded enterprises and organizations, creating wealth, generating employment and contributing significantly to the nation’s economic growth and GDP.