Fidelity Bank has facilitated the disbursement of over N30 Billion in direct credits to players in the rice value chain.
The bank’s interventions have helped to unlock spontaneous financing opportunities for a large swathe of paddy rice farmers with significant contributions in the expansion of national paddy rice output. This has created positive impacts in rural communities by way of farmer empowerment and employment generation. This is also in alignment with the business sustainability imperative of our banking business.
Further down the value chain, our bank has directly financed the construction and installation of several integrated rice mills across different geo-political zones in Nigeria. These rice mills have a combined rice milling capacity of circa 500,000 MT per annum. Recognizing the importance of the last mile traders in the value chain, the bank also provided low-cost funds to rice traders to purchase rice from indigenous rice millers for sale to the final consumers. This, in no small measure, has helped in stabilizing the price of locally produced rice.