FCMB Champions Value-Chain Coordination for Enhanced Food Security
Stakeholders at the BusinessDay Future of Agriculture Conference, held in Lagos, have highlighted the critical importance of stronger coordination across the agricultural value chain to boost productivity and ensure food security in Nigeria. The event, themed 'From Seed to Feed: Strengthening Agricultural Inputs for Food Security', gathered policymakers, agribusiness operators, financial institutions, and development partners to address key challenges in the sector.
Key Participants and Discussions
The conference featured prominent figures, including Kudzai Gumunyu, Divisional Head of Agribusiness and Non-Oil Export at First City Monument Bank (FCMB), who called for a structured, value-chain-led approach to agricultural development. Other notable attendees were Lagos State Commissioner for Agriculture and Food Systems, Abisola Olusanya, representing Governor Babajide Sanwo-Olu; Special Adviser on Agriculture and Food Systems, Oluwarotimi Fashola; and industry leaders such as Kola Masha of Babban Gona and Ayodeji Balogun of AFEX, who delivered a keynote on improving farmers' access to quality inputs.
Discussions centered on overcoming constraints in input systems, financing, and infrastructure, with a focus on enhancing collaboration between public and private sectors. Participants emphasized the need to expand access to quality inputs and build resilient agricultural systems to support Nigeria's growing population.
FCMB's Role in Agricultural Financing
During a panel session, Kudzai Gumunyu underscored the pivotal role of financial institutions in supporting Nigeria's agricultural sector, which is predominantly driven by smallholder farmers. He stated, "With smallholder farmers accounting for nearly 90 per cent of Nigeria's agricultural production, the focus must be on building inclusive financing models that address their unique realities." Gumunyu advocated for risk mitigation frameworks through structured guarantees and partnerships to de-risk lending and ensure farmers have adequate capital.
He further explained, "Sustainable agricultural growth requires coordinated value chain mobilisation, where financial institutions effectively channel funds from depositors into well-structured agricultural value chains. By aligning financing with production, aggregation, and market access, we can unlock productivity, improve yields, and ultimately strengthen food security outcomes." This approach aims to benefit all stages of the value chain, from production to market access.
Conference Outcomes and FCMB's Commitment
The conference also explored strategies for improving infrastructure and fostering public-private partnerships to drive agricultural innovation. In a statement, FCMB reaffirmed its commitment to supporting agribusiness and non-oil exports through initiatives that enhance access to finance and build more resilient agricultural systems. The bank plans to continue partnering with stakeholders to address the sector's challenges and promote sustainable growth.
This event aligns with broader efforts, such as the presentation of Lagos State's strides in implementing the World Bank's HOPE-GOV programme, which focuses on governance, primary health, and basic education. Notable figures at that presentation included Governor Babajide Sanwo-Olu, his wife Mrs. Ibijoke Sanwo-Olu, Deputy Governor Obafemi Hamzat, and representatives from FCMB, the World Bank, and UNICEF, highlighting the interconnectedness of agricultural development with overall socio-economic progress.
