Firm To Spend $1m On Tractors For Nigerian Farmers

The Senior Vice President of Africa Programmes at Heifer International, Adesuwa Ifedi, said the firm would be investing $1m in its tractor booking platform, Hello Tractor.

She said the firm would make available loans for tractor purchases, in adding that the loans would be repaid from revenues earned by rent out tractors to local farmers.

She disclosed this in Abuja at the unveiling of the Pay-As-You-Go Tractor Financing for Agriprenuers in Nigeria by Heifer International.

She said, “The pay-as-you go model provides financing for entrepreneurs who want to create jobs by capitalizing on the demand for tractor services on Africa farms, but who lack traditional forms of collateral.

“This is a way to unlock capital for youth who have strong business skills that can help transform African agriculture but are often overlooked by private equity investors.”

The Minister of Agriculture and Rural Development, Abubakar Mahmood who spoke at the event said the deployment of 10,000 tractors and 50,000 units of sufficient agricultural equipment across the country did not come into being because of the sudden outbreak of the COVID-19 pandemic.

Mahmood, stated further that the government had signed agreements with Brazil to bring in tractors to Nigeria, but could not happen due to the COVID-19 pandemic.

Mahmood noted that “As an addition to the efforts of the Federal Ministry of Agriculture and Rural Development subsidy programme where agro-machinery and other parts are acquired and sold to farmers.

furthermore, the Federal Government under a bilateral arrangement had signed the protocol of intent with the Government of Brazil to acquire 10,000 units of tractors and 50,000 units of assorted equipment with a loan of $1.2bn.

“This arrangement would have materialised by now if not for the COVID-19 pandemic. However, it is our hope that the Nigerian farmers will benefit from the gesture when it is made available very soon.”