Zenith Bank to increase lending to farmers, local suppliers

Zenith Bank Plc, has said it prioritising lending to the agricultural industry and other raw material suppliers in Nigeria.

The Managing Director/Chief Executive Officer, Mr Ebenezer Onyeagwu, in an interview with said companies that would-be leaders in the next five years would those, who would be sourcing their raw materials locally.

Onyeagwu said companies that would-be leaders in the next five years would those, who would be sourcing their raw materials locally.

The Zenith Bank boss said, “If you can get your raw materials here, you’re in business and it’s cheaper — your holding cost is cheaper, your freight cost is reduced.

“Nigeria’s second-biggest bank by market value is aiming to meet increased demand from businesses needing to source raw materials locally after plunging oil prices and lockdown measures to curb the spread of the coronavirus dried up foreign-currency inflows.

“It comes amid intensified efforts from authorities to encourage investment in agriculture and processing plants to help diversify the economy away from oil. Many of Zenith’s customers want to invest in crop production or the processing industry, so they produce products they can sell to breweries, food and pharmaceutical companies,” he said.