IFC, a member of the World Bank Group, has decaled that it will provide advisory services to Diamond Bank plc to help it increase access to finance in Nigeria’s agricultural sector by up to $33 million over the two years.

CEOAFRICA news desk gathered that this move is targeted towards the strengthening of a vital but severely underfinanced sector in Nigeria’s economy and boosting small businesses.

According to the report, the projected lending will be extended to small and medium enterprises across the sector, including livestock farmers, producer groups, distributors, processors, traders and retailers, targeting almost 2,000 small holder farmers.

IFC state it will provide Diamond Bank with advisory services on strategy, product development and risk management, as well as help develop a financial model to viably lend to small and medium agribusinesses.

However, the CEO of Diamond Bank, Alex Otti commented that the Bank in partnership with IFC is better positioned to serve a faster growing share of Nigeria’s newly emerging bankable population in the agricultural sector, creating more growth opportunities for the players as well as the economy.