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BoI signs N10b agro-mechanised deals with development partners

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Team Leader, Propcom, Collins Apuoyo (left), Acting Managing Director, Bank of Industry (BoI), Waheed Olagunju, Country Coordinator, Competitive African Rice Initiative (CARI), Deutsche Gesellschaft Fur Internationale Zusammenarbeit (GIZ), Dr. Andrew Efisue, and Executive Director (Corporate Services) BoI, Tobin Jonathan, at the signing of Memorandum of Understanding (MoU) of AGRO Mechanisation Fund, in Abuja…yesterday

Team Leader, Propcom, Collins Apuoyo (left), Acting Managing Director, Bank of Industry (BoI), Waheed Olagunju, Country Coordinator, Competitive African Rice Initiative (CARI), Deutsche Gesellschaft Fur Internationale Zusammenarbeit (GIZ), Dr. Andrew Efisue, and Executive Director (Corporate Services) BoI, Tobin Jonathan, at the signing of Memorandum of Understanding (MoU) of AGRO Mechanisation Fund, in Abuja…yesterday

In efforts to ensure food security and exports, the Bank of Industry (BoI) has signed three Memoranda of Understanding (MoUs) worth N10 billion with development partners.

The total package will be given to small holding farmers on a single digit of nine per cent. Value addition and processing will also be covered so that the country can have a viable agriculture value chain.

To fast track Micro, Small and Medium Enterprises (MSME) lending via cluster product programme, the Division Head, SME, South, Abdul-Ganiyu Mohammed, explained that apart from looking at technology to support SMEs, they also need to ensure value addition and areas of comparative advantage.

He said in order to collateralise credit, which are far beyond the reach of SMEs, the BoI came up with clustering where finance institutions will see SMEs in groups rather than individuals.

Mohammed said youths are being incorporated with one-digit interest rate to address unemployment in the county.

The Executive Director, Corporate Services, Jonathan Tobi explained that agro mechanisation is essential for economic growth, adding that the sight of farmers with hoes and cutlasses has continued to discourage the youths from going into agriculture.

The Acting Managing Director of the bank, Waheed Olagunju said the synergy with relevant partners in the agro business was due to Nigeria’s comparative advantage including population, availability of land and other factors.

Olagunju said apart from providing food, agriculture also produces raw materials for industries.



3 Comments
  • Dán-gote Cément Plánt

    This is to inform republic that DAN-G0TE3XCEMENT is now sold direct from the factory for a promo price of #1000 per bag and #300 to deliver per bag,buyers can order a minimum of 100bags,trailer load of 600bags,trailer load of 900bags and above,contact the sales manager Mr Makoju Joseph on 2348O36909383 or assistant Mrs Grace on 2348O60478998 to get 50 rice 50kg for #9000 per bag and #1000 to deliver per bag minimum of 50bags and above delivery is nation wide..

  • Adebowale Joy

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  • Abdulkareem Umaru

    This is to inform republic that DAN-G0TE3XCEMENT is now sold direct from the factory for a promo price of #1000 per bag and #300 to deliver per bag,buyers can order a minimum of 100bags,trailer load of 600bags,trailer load of 900bags and above,contact the sales manager Mr Kolawale on 2347060751999 or Mrs Akinwowo Bashirat on 2348O61275826 to get 50 rice 50kg for #9000 per bag and #1000 to deliver per bag minimum of 50bags and above delivery is nation wide..,