To support mechanised farming in Nigeria, the federal government has purchased 10,000 tractors and 50,000 different pieces of equipment.
According to the Minister of Agriculture and Rural Development, Dr. Mohammad Mahmood Abubakar, the ministry is collaborating with the Bank of Agriculture (BOA) to make tractors with implements available to farmers at a concessionary deferred payment terms.
The minister said that farmers are to pay a 40% down payment and the remaining 60% spread over the course of three years at the introduction of the tractorisation program in Abuja.
According to Abubakar, to attain food and nutrition security, the agricultural sector must be revitalized through the purchase of tractors due to the important role it plays in the Nigerian economy.
He emphasized that the tractorisation scheme will result in increased food production and quality per person, less work for Nigerian farmers, and higher farm productivity.
He disclosed that under the More Food International Program (MFIP) of Brazil, Nigeria, and Brazil engaged in a bilateral deal that resulted in a loan of $1.2 billion.
In his remarks, the Permanent Secretary, Federal Ministry of Agriculture and Rural Development, Dr. Ernest Umakhihe, who was represented by the Director, Federal Department of Agriculture, Mr. Abubakar Abdullahi, stated that the program will move agriculture from subsistence to commercial business venture, increase the economy of most farmers, drive development in the agrarian communities, encourage youth participation and engagement among others.
Umakhihe emphasized the ministry’s commitment to elevating the tractorization initiative so that everyone will recognize its modest success.