BoI Grants N500m Loan To Boost Mechanised Farming In Ogun, Oyo - THE DAILY CRUCIBLE



Tuesday, March 26, 2019

BoI Grants N500m Loan To Boost Mechanised Farming In Ogun, Oyo

• Dr. Kolade and GIZ Project Coordinator; Caroline Trimborn, in a handshake

Bank of Industry (BoI) has granted a loan facility of N500m for the purchase of 50 pieces of tractors, to boost mechanised farming in Ogun and Oyo States respectively.

The Head of Southern Division of the bank, Mr. Ayo Bajomo, disclosed this in Abeokuta, the Ogun state capital, at the graduation ceremony and handover of tractors, Small and Medium Enterprise loop business training and coaching programme for mechanisation service providers.

The six months training course covering book keeping, financial literacy, management, human relations among others for 11 beneficiary - members of Tractors Owners, Operators Association of Nigeria(TOOAN), was provided by GIZ, a German organisation, through its Green Innovation Centres for Agriculture and Food Sector Programme (GIAE) - Nigeria.

Bajomo said the N500m was a pilot study for the N10b credit facility the bank has made available for agro -mechanisation, and urged farmers to  avails themselves of the facility to enhance the nation's drive for increased food production, food security, income and jobs creation.

He said the credit facility attracts single digit interest rate per annum, stressing that fund is expected to increase from N10bn  to N20bn and more depending on how effective and committed the beneficiaries with loan repayment and judicious use it.

Bajomo who represented the Managing Director and Chief Executive Officer of BoI, Olukayode Pitan, at the graduation ceremony, explained  that given the increasing population of Nigeria nay the world, mechanisation farming is the way to in agriculture, to meet the ever increasing demand for accessible and affordable food.

Dr. Kolade Emmanuel, Vice - President of TOOAN and one of the beneficiaries of the loan facility, hailed GIZ for the training and BoI for the credit facility for the purchase of the 50 tractors.

Kolade said they have taken delivery of 10 of the 50 tractors, assuring that the 40 others would be ready to collection in three weeks time.

The Project Coordinator for GIZ; Caroline Trimborn, the training was meant to equip beneficiaries with good agricultural practice and value chain approach in agric business.

Caroline revealed that over 56,000 farmers in Southwest, particularly in Ogun and Oyo have benefited from GIZ various trainings.

- Ayobami Ife, Abeokuta

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