Stronger growth in domestic consumption and fiscal consolidation are essential if the economy is to successfully ride the current global economic storm. Given its contribution to aggregate output growth, and its capacity for generating employment, especially in the rural areas, agriculture remains a major growth driver of the economy, especially in the face of dwindling oil revenues and the global food crisis. In recognition of these facts, FirstBank's total loan portfolio in agricultural financing attained an all-time peak of N7.1 billion during the financial year.

FirstBank's suite of financial solutions for the agricultural sector enjoyed a dominant presence in the industry in terms of agricultural financing. Building on this success, two additional products were introduced in the review period. They are Farm Machinery and Equipment Finance Scheme (FirstTRAC Partnership Scheme) which was designed to complement the federal government's policy on farm mechanisation, and the National Agro Dealer Support Scheme designed to upgrade private sector capacity in agro-input procurement and distribution.

In order to complement government's efforts at generating employment and creating communities where Nigerian youths interested in agriculture may live and work together on individual farm projects, the FirstBank Farm Settlement Scheme was deployed during the financial year. The pilot phase was implemented in collaboration with the Ogun State government, and other state governments have indicated their interest in the programme. In recognition of our invaluable contribution to this sector, FirstBank was selected as one of the two participating banks under the proposed Large Scale Agricultural Credit Scheme (LASACS). The scheme, promoted by the CBN and the Federal Ministry of Agriculture and Water Resources, is to be financed from the proceeds of a N200 billion multi-tenor bond to be raised by the Debt Management Office (DMO) on behalf of the apex bank. The funds are being disbursed to participating banks (PBs) for on-lending to large-scale agricultural enterprises.