Ecobank Nigeria says it plans to grow its agricultural sector loan to over N50 billion ($310 million) by 2014.

Citing it’s policy to support the growth and development of the industry. Ecobank Country Head, Agric and Export Finance, Abel Ajala, said the bank had introduced “concessionary interest rates” for its agriculture financing scheme.

He added that the bank has developed a robust agriculture and export unit operated by high quality professionals to ensure for an easy risk assessment of loans and adequately provide measures to guarantee beneficiaries utilize funds diligently.

The reason behind the bank’s focus on the sector, according to Mr Ajala, stemmed from its need to checkmate the impending food crisis on the continent, noting that the pan-African bank’s support cuts across the entire agricultural value chain.

Farmers were advised to view agriculture – which the bank argues accounts for 40 percent of GDP for most African nations – as a business, stating that stakeholders were ready to partner them in the development of local food production, employment and wealth creation for the benefit of the country, and the entire African continent.

EcoBank Transnational Incorporated operates in 34 African countries. Earlier this month, it announced the appointment of Mr Anthony Okpanachi as the new Deputy Managing Director for Ecobank Nigeria.