BOA, Chinese coy to roll out $300m Agriculture Mechanisation Programme


 The Bank of Agriculture (BOA), says it is partnering LOVOL of China, to execute a $300 million agricultural mechanisation programme in the country.
Mr Auta Jamaka, Head, Corporate Planning Department of the Bank disclosed this in an interview with the News Agency of Nigeria (NAN) on Wednesday in Kaduna.
He said that the bank had in April signed a Memorandum of Understanding (MoU) with LOVOL, and a Nigerian company, AGROMECH, to implement the three-year programme beginning from next irrigation season..
He said that under the agreement, LOVOL International Heavy Industries Company Limited would supply various categories of tractors and farm equipment from China through AGROMECH in the first year.
According to him, the company would subsequently set up tractor assembly plants with maintenance units at different locations across the country.
``The measure is aimed at quick impact and sustainability of the sector through comprehensive mechanisation programme for farmers at all levels.``
Jamaka said that funding for the programme would come from Central Bank of Nigeria, African Development Bank, China Exim Bank and bonds from National Pension Commission.
He said the benefitting farmers would contribute 30 per cent equity of the cost of the tractors and equipment, payable within three years.
``The BOA-LOVOL-AGROMECH approach is under strategic production plan for exportable crops targeting the policies of the Federal Government.
``The plan is also tailored towards the CBN Export Stimulation Plan to boost annual FOREX earnings,`` Jamaka said.
He said the plan is expected to generate between $3 billion and $10 billion through exports of cash crops harvested by farmers under the programme.
``Part of the agreement is to ensure growth in irrigation practice and Farmers Empowerment Scheme for food security and poverty alleviation,`` he said.
NAN reports that BOA and the Chinese partners are currently developing a work-plan for the implementation of the programme.

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