Saturday, January 28, 2023
No Result
View All Result
SUBSCRIBE
eNaira Online News
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
eNaira Online News
No Result
View All Result

Babban Gona gets Citibank’s N4 billion loan, targets 41,000 farmers

by e-Naira Online News
June 7, 2022
in Business
Reading Time: 5 mins read
A A
0
Home Business
Share on FacebookShare on Twitter


Citibank Nigeria Limited has extended N4 billion ($10 million) financing to Babban Gona Farmer Services Nigeria Limited to support input credit and harvest advance to smallholder farmers in northern Nigeria.

In a statement by the bank’s country Head of Public Affairs (Nigeria & Ghana), Lola Oyeka, the bank said the transaction will enable 41,000 smallholder farmers to increase their farming income by 350 per cent per hectare, thus contributing to improved economic opportunity in fragile communities.

“The loan is part of the Scaling Enterprise facility, a Citi partnership with the U.S. International Development Finance Corporation (DFC) and the Ford Foundation that enables earlier stage, innovative and inclusive businesses in emerging markets to access local currencies,” the statement read.

Founded in 2012, Babban Gona is an agrotech company that specialises in the provision of end-to-end value chain services to smallholder farmers including inputs, credit, advisory and offtake across Nigeria.

Kola Masha, Babban Gona co-founder and managing director, was quoted to have said, “Babban Gona aims to be the highest impact organization on the agricultural landscape in Africa by supporting our members to generate enough income to improve their livelihoods, education, nutrition and health.”

Mr Masha said with the support of our partners, like Citibank, Babban Gona has consistently made farming more profitable for tens of thousands of smallholders across Nigeria where we have improved their net income and agricultural productivity to 2X the national average.

Ireti Samuel-Ogbu, Citibank chief executive officer, said: “We are pleased to partner with global development agencies and partners, such as DFC and the Ford Foundation, in the structuring of a pioneering social finance facility aimed at sustaining the Nigerian agricultural sector.”

Mr Samuel-Ogbu said Babban Gona’s track record and unique business model renders it a partner of choice for scaling positive impact and enabling progress in Nigeria.

According to the statement, the transaction, which is part of Citibank’s $1 trillion commitment to sustainable finance by 2030, contributes to progress on several Sustainable Development Goals (SDGs) including; Goal 1, which aims to eliminate poverty; Goal 2, which aims to eliminate hunger, and Goal 8, in support of expanding decent work and economic growth.

“Babban Gona creates jobs that promote economic opportunity and stability in underserved communities across Nigeria,” said Eugene Amusin, Director, Citibank’s Social Finance.

Ms Amusin said, “This transaction exemplifies Citi’s dedication to driving positive social impact in emerging markets and is part of our commitment to invest in opportunities for 15 million households, including 10 million women by 2025.”

Jim Polan, vice president, DFCs office of Development Credit, said “DFC’s investment in Babban Gona will help grow Nigeria’s agriculture sector, create new jobs, and increase food production and profit margins for farmers.

“The strong partnership between DFC and Citi enables us to provide early-stage financing to innovative businesses like Babban Gona, making a development impact in Nigeria and around the world,” he said.

Also, Christine Looney, deputy director of Mission Investments for the Ford Foundation said, “We are proud to support Babban Gona to bring much-needed solutions to smallholder farmers across Nigeria.”

“This is a critical expansion of financial services that will provide economic resources for individual farmers alongside the communities they serve,” the official added.


WATCH: Governor Yahaya Bello’s Roadmap to Hope 2023


CITIZEN-FM AD


Support PREMIUM TIMES’ journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: Call Willie – +2348098788999







PT Mag Campaign AD





Source link

Tags: BabbanbillionCitibanksfarmersGonaLoanTargets
Previous Post

Your personal branding is a selling point as a real estate professional

Next Post

UACN, GSK, other stocks push market higher by 0.35%

Related Posts

Business

Access Holdings, International Breweries, others lose N51.7bn to investors’ apathy

by e-Naira Online News
January 27, 2023
Business

Lagos now closer to its smart city dream with 5G technology —Sanwo-olu

by e-Naira Online News
January 27, 2023
Business

Average retail price of kerosene up 136% in one year

by e-Naira Online News
January 27, 2023
Business

CBN, NIBSS unveil AfriGo, Nigeria’s first national payment card | The Guardian Nigeria News

by e-Naira Online News
January 27, 2023
Business

Prices of 5kg cooking gas up 27% in December

by e-Naira Online News
January 26, 2023
Next Post

UACN, GSK, other stocks push market higher by 0.35%

Investors expect higher rate as CBN pays maturing treasury bills Wednesday

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest

Access Holdings, International Breweries, others lose N51.7bn to investors’ apathy

January 27, 2023

FTX Lawyers Attempt to Question Bankman-Fried’s Family and Inner Circle for Financial Insight – Bitcoin News

January 27, 2023

Bourse sustains negative trend with market capitalisation down N52m – Businessamlive

January 27, 2023

Real Estate Financing Firm Lists N20bn Sukuk On Stock Exchange

January 27, 2023

Rivers kidnapper bags death sentence for murder

January 27, 2023

Financial steps you must take before you relocate abroad

January 27, 2023

The good, the bad, the ugly sides of Oyebanji’s 100 days in office

January 27, 2023

Lagos now closer to its smart city dream with 5G technology —Sanwo-olu

January 27, 2023

Get the free newsletter

eNaira Online News

Get the latest news and follow the coverage of eNaira, Business & Financial, Stock Market, Analysis, and more from the trusted sources.

CATEGORIES

  • Banking
  • Business
  • Capital Market
  • Companies
  • Crypto
  • eNaira
  • Finance
  • Opinion
  • Personal Finance
  • Real estate
  • Uncategorized
No Result
View All Result

GET THE FREE NEWSLETTER

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.