A new loan to Olam Agri, one of the world’s leading agribusinesses, will support the delivery of millions of tons of staple foods to developing countries, potentially feeding over 40 million people at a time of heightened food insecurity around the world.
The International Finance Corporation (IFC), the largest global development institution focused on the private sector in emerging markets, has agreed to provide a loan of up to US$200 million to Olam Agri, the food, feed, and fiber agribusiness subsidiary of Singapore-based Olam Group.

The loan will be used to finance the purchase of wheat, maize, and soy from Canada, Germany, Latvia, Lithuania, and the United States for delivery to the company’s processing operations and customers in developing countries that rely heavily on imports of these staple foods. These include Bangladesh, Cameroon, Chad, Egypt, Ghana, India, Indonesia, Nigeria, Pakistan, Senegal, Thailand, and Turkey.

The project is part of IFC’s global efforts to address food insecurity, especially for poor and vulnerable populations that have been hit hard by food inflation. Food prices have risen significantly over the last two years, driven by the impacts of COVID-19, adverse climate events, and the war in Ukraine.

The number of food-insecure people in the world has been rising every year since the beginning of the pandemic, with more than half of countries globally experiencing a worsening situation. An estimated 928 million people were severely food insecure in 2020, according to the Food and Agriculture Organization of the United Nations, an increase of 148 million from 2019.

The situation has been exacerbated by the war in Ukraine, which has impacted exports from the Eastern European country and Russia, which collectively produce a large share of key food commodities including wheat and maize as well as energy, fertilizer, and key components of fertilizer production, resulting in rising production and transportation costs.

Poor climate conditions and droughts in key producing countries including Argentina, Brazil, and the United States have worsened the outlook, driving calls for action from the public and private sectors.

In furtherance of its role in promoting female entrepreneurship across the country, Nigeria’s premier banking institution and leading financial inclusion services provider, First Bank of Nigeria Limited, has announced the launch of the FirstGem fund (FirstGem loan); a single-digit loan scheme, exclusively designed to put women at an advantage in contributing to the socio-economic development of the country.



The FirstGem loan scheme is designed for female-owned or partnered SMEs in the following sectors Food/Beverage processing & Packaging, Beauty and cosmetics, Confectionaries, Catering & Restaurants, Transportation (Logistics) and Agric/Agro-Allied (retail value chain). With an interest rate of 9% per annum, FirstGem loan is a collateral-free loan that is available to the bank’s existing and prospective female customers. Based on eligibility, customers can access loans from N500,000.00 to N3,000,000.00.

To access the loan, Female owned or partnered SMEs can visit the Bank’s website – https://www.firstbanknigeria.com/personal/loans/more-financing-options/firstgem-funds/ – to download and fill out the Retail Loan Application Form. The completely filled form should be submitted to the nearest FirstBank branch with accompanying documents.

Speaking on the loan Folake Ani-Mumuney, Group Head, First Bank of Nigeria Limited said, “we are delighted with the role our FirstGem product plays in creating an avenue to enlarge the business activities and endeavours of female entrepreneurs across the country. Our FirstGem value proposition offers real solutions to constraints encountered by female entrepreneurs and working professionals, as it exposes women to opportunities for the advancement of their business. We implore every female business-minded individual to take advantage of the FirstGem loan as it puts them at an advantage to contribute their quota to the national economy.”

Launched in 2016, FirstGem has been impactful in driving financial inclusion, influencing women’s empowerment through gender-advancement programmes like savings culture, financial literacy, wealth management and building an investment portfolio. FirstGem is designed specifically to meet the needs of the female gender, aged 18 years and above.


FirstGem is targeted at a broad spectrum of women, working professionals, entrepreneurs or market women through an array of benefits such as free business advisory services, access to finance, specialized training on business development initiatives (virtual and physicalevents), regular insights on business / investment opportunities. and mouth-watering discounts at partner merchant outlets (spas, salons, grocery stores) offering lifestyle products and services.


Recently, FirstBank announced its partnership with CDC Group, the UK Government’s development finance organisation to economically empower women-owned and led businesses as well as local small and medium-sized enterprises (SMEs) in Nigeria. The facility, which is in the sum of US$100 million will have a minimum of 30% allocated in the form of credit lines to women entrepreneurs.

Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has said it would continue to boost customer experience through its digital loans. This is part of the company’s efforts to assist Nigerians with gaining access to affordable funding for personal and business use.



The non-collateralised loans, consisting of Stanbic IBTC Unsecured Personal Loan, Top-Ups, Smart Loan, EZ Cash, and Device Financing, would help customers access loans ranging from N20,000 to N20 million. All the loans can be accessed from any location 24/7 without having to visit the branch and without paperwork as they are all digitised end-to-end.



Commenting on the rationale behind the Stanbic IBTC Digital Loans, Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, noted that the solutions were geared towards addressing the challenges facing individuals in accessing finance.



“The Stanbic IBTC Digital Loans, which are available via our Super App, our website, our *909# USSD service and Internet Banking, help alleviate some of the challenges individuals experience in meeting urgent financial needs. The loans are available to both new and existing customers of Stanbic IBTC and are geared towards helping customers meet their financial obligations at any time, no matter the urgency.”



According to the Chief Executive, “Customers, through the Stanbic IBTC Device Financing solution, can acquire new mobile devices from MTN partner stores and enjoy additional benefits such as 4GB data, 100 minutes talk time monthly and insurance against loss and screen damage.”



Through the Stanbic IBTC Smart Loan solution, customers of the bank who also have mutual fund investments with Stanbic IBTC Asset Management can access up to N20 million instant loan to finance personal and business projects while their investments continue to earn them returns.



With the upgraded Stanbic IBTC Unsecured Personal Loan, salary earners can apply for a top-up of existing loans through their mobile devices from the comfort of their homes.



Similarly, with Stanbic IBTC EZ Cash, customers can access loans of up to N7.5 million via the bank’s USSD code *909*44#, the My Bank Module of the Stanbic IBTC Mobile App and the Bank’s online banking portal. Customers can access loans quickly and conveniently with up to 48 months of repayment, depending on the loan type.



The Chief Executive reinforced that the bank would continue to design financial solutions that will meet the needs and enhance the financial growth of its esteemed customers. “With economic empowerment as a core pillar of our corporate social investment initiatives, we remain committed to ensuring not only the growth of our customers but also their business activities,” Adeniyi concluded.