THE Bank of Industry, BoI, in collaboration with its development partners, has unveiled a-N10 billion agro-equipment loan for agricultural service providers and farmers. The bank said with better access to credit to fund the acquisition of agro equipment, there would be improved efficiency and production output in the sector.
Waheed Olagunju, acting managing director, BoI, said applicants under the scheme were categorised into micro, small and medium schemes. Olagunju, who spoke on Wednesday, December 14, at the signing of the Memorandum of Understanding, MoU, between the bank and its development partners on the agro mechanisation product programme, assured that, with the scheme there would be improved efficiency and production output in the agricultural sector.
“Recognising the catalytic role that agro mechanisation plays in boosting food production, BoI in collaboration with the development partners, has designed a product programme to provide finance for agro equipment service providers and well established farmers as well.
“It is a N10 billion funds earmarked exclusively for the acquisition of agro-equipment by either agricultural service providers or well established farmers. N10 billion is the largest amount of money that the bank has earmarked for any programme and this is testimony to the importance of agro mechanisation in economic development of Nigeria.”
— Dec 26, 2016 @ 01:00 GMT