Why First Bank keyed into ‘Fiesta of Flavours’

Nigeria’s population at about 170 million and projected to hit over 400 million in the next 50 years will constantly eat food for sustenance. Therefore, who provides the food is an issue the nation must be concerned with. That is why First Bank sponsored the Fiesta of Flavours, a food business programme to create more food entrepreneurs, Daniel Obi writes.

First Bank, Nigeria’s most valuable bank brand, has demonstrated its commitment to the development and support of the agricultural value chain.   Recently the bank threw its brand weight behind ‘Fiesta of Flavours’, an initiative by a local entrepreneur which not only showcases different Nigerian foods, food technology and companies behind them but a platform which plays up agriculture as the next oil.

To analysts, there is no time in Nigeria’s history to highlight the importance of food, agriculture and its value chain to nation’s survival than now when ‘Abuja feeding bottle’ is drying up due to the volatility in the international oil market which has threatened Nigeria’s mono product, oil.

The boom in the oil market in the last four decades has reduced Nigeria’s policy concentration in other high revenue important sectors such as mining and agriculture but the ‘Fiesta of Flavours’ a world class food and wine fair which held at Harbour Point on Victoria Island between December 4-6, this year and was primarily supported by First Bank was a reawakening programme for all stakeholders. It was not only a forum for entrepreneurs in the food and beverage business to come together but it provided a platform for discussion by players in the food business on the challenges and solutions on the sector and “raising advocates of going from farm to plate”

When the convener of ‘Fiesta of Flavours’ who is also the CEO of Eventful Limited, Yewande Zaccheaus finalized the idea of the hosting the food fair and with support from First Bank, O-Gas, Friesland Campina, Honeywell,  Access Bank and others, she was convinced on achieving her articulated plan of stimulating discussion on agriculture which has a high potential for growth and economic boom.

“Falling price of oil, the cry for the country to consider agriculture as the new oil, raising advocates of going from farm to plate, was clear to me, that this is more than entertainment, we need to educate people, we need to empower people and we need provide a forum for all entrepreneurs in the food and beverage business to come together”, Yewande said.

The wife of Lagos State, Akinwunmi Ambode who declared the Fiesta of Flavours open described the initiative as first of its kind in this part of the world in concept and execution. “It is a new dimension in the world of hospitality management”, she said believing that it will empower the participants as the forum also served as networking opportunity for players in the food business.

Panel discussion on economics of food

To the panelists at the Fiesta of Flavours who included Deji Akinyanju of Food Concepts; Danny Kioupouroglou of Eko Hotels; Chris Okeke, an entrepreneur, Tunde Owolabi of First Bank and Ndidi Nwuneli, also an entrepreneur who served as the moderator, what Nigerians will eat as the population grows was concern to them.

Nwuneli set the ball rolling by throwing up the challenge that in 50 years time Nigeria’s population is estimated to hit about 450 million and Lagos will have 50 million, and what worries her is what are they are going to eat and who is going to feed them and that is why Yewande initiative to discuss the challenges and opportunities in the food business was important.

Chris said the problem with agriculture is manifold. He said agriculture has failed woefully in Nigeria because everybody assumes that farming is agriculture. According to him, farming is part of agriculture but agriculture is not part of farming. He defined agriculture as land management and science. “By the time you leave the future of 170 million Nigerians in the hands of the weakest of the Nigerian populace – the present farmer- we will not get the efficiency at the highest level”

Fundamentally he listed issues wrong with agriculture, this include land – the way it is held, the inability to perfect titles etc; infrastructure which don’t exist in sufficient quantity to make sense; finance which banks he said are too arrogant to acknowledge that they are ignorant about agriculture and therefore they don’t lend to the sector; need to have high quantity of seed to create grain revolution. Finally, there is need for education of people on agriculture. He said dealing with the issues is the beginning of addressing agriculture.

On his part, Deji who was worried about quality of raw materials from farm side said “the kind of funding with high interest rate we have seen in agriculture cannot take the nation anywhere”.

In his comment, Kioupouroglou said to address agricultural challenges need political will.  He recognized some progress by some individuals in agriculture but said there may not be consistency in their activity if there is no political will to push them. He said there is disconnection between the policies, banks and the agriculture sector. According to him, the  problem of inconsistency of delivery and quality force hotels to import.

Also speaking, Owolabi from First Bank who had the responsibility of defending banks on financing said banks as financiers face the major problem  of understanding what the entrepreneur wants to use money for.  “If I don’t understand what you want to use money for, then it becomes difficult for me to justify why the money has to go out”

Underscoring First Bank interest in Fiesta of Flavours

To First Bank, the programme was not just exhibition but stimulation of interest in stakeholders, government, entrepreneurs and the youth in agriculture.

“For us in First Bank, the objective of sponsoring this programme really is for the nation to identify opportunities. We are largely a retail bank and our mission is to create entrepreneurs from this initiative. We want to have a better understanding of the food industry as a whole, then we know where to pitch out tent and understand what appropriate financing will be given to any entrepreneur”,  said Tunde Owolabi.

Agriculture has a high potential for growth and economic boom. However, this potential is yet to be fully harnessed as the sector is yet to be given the necessary prominence in building our nation’s economy.  FirstBank realises that support for the agricultural value chain and by extension food, will enable individual and communal self-reliance, self-contentment and self-sufficiency, which will translate to national growth. This is why the Bank took ownership of the food space to fully promote businesses that will build the sector and in the long run preserve the teeming population, build revenue for development purposes and create employment opportunities.   

Owolabi further said that First Bank is set to support the business, art and entertainment of food across all segments of the economy.  “The Bank is supporting Small and Medium Enterprises (SMEs) through financing options and advisory services to leverage opportunities in the business of food and create jobs in the food industry that catalyze economic growth.  Through unique retail financing options, First Bank is also supporting the passion, lifestyle and career options of its more upwardly mobile customers, who have a flair for and are making a living from cooking, fine dining and the art and finesse of food.   The Bank is also furthering the entertainment value of food, widely enjoyed by youth and families, by sponsoring events that  provide opportunities to enjoy food as a united community”.

With a rich heritage of over 120 years and footprints across Africa and the globe, FirstBank has been at the forefront of preserving culture in all its locations. Food is an essential part of cultural heritage and the venture into supporting and sustaining the food industry is one of the many ways the Bank is preserving the cultural heritage of its business communities all over the world.

In a statement by Folake Ani-Mumuney, FirstBank’s Group Head, Marketing & Corporate Communications, agriculture was the main stay of the Nigerian economy before the oil boom and there is the need to return to the base of Nigeria’s industrialisation to stimulate the much needed economic growth at this time.