The Bank of Industry (BoI), in collaboration with its development partners, has unveiled a-N10billion 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.

Its Acting Managing Director/CEO, Waheed Olagunju said applicants under  the scheme are categorised into micro, small and medium schemes.

Olagunju, who spoke yesterday in Abuja at the signing of the Memorandum of Understanding (MoU) between the bank and its development partners on the agro mechanisation product programme, said: “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,” adding thatThere will be improved efficiency and production output in the agricultural sector.

“It is a N10billion fund earmarked exclusively for the acquisition of agro-equipment by either agricultural service providers or well established farmers. N10billion 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.”

EquipmentLoan – BingNews