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The federal government has purchased 10,000 tractors and 50,000 different implements to boost mechanized agriculture in Nigeria.
The ministry is working with the Bank of Agriculture (BOA) to provide farmers with tractors and tools on discounted payment terms, said Mohammad Mahmood Abubakar, Minister of Agriculture and Rural Development.
The minister said that in setting up his tractor business in Abuja, the farmer will pay his 40% down payment and his remaining 60% will be spread over his three years.
Abubakar said agriculture’s vital role in Nigeria’s economy requires revitalization of the sector through the acquisition of tractors to achieve food and nutrition security.
He pointed out that the tractor program would improve the quantity and quality of his food per capita, reduce the drudgery of Nigerian farmers and increase farmers’ productivity. He announced that Nigeria and Brazil have reached a bilateral agreement under Brazil’s More Food International Program (MFIP), leading to US$1.2 billion in loans.
Abubakar noted that the agricultural sector remains one of the main drivers of the Nigerian economy, contributing 23.78% of his gross domestic product (GDP) and being the country’s largest employer.
In his remarks, Ernest Umakihe, undersecretary of the Federal Ministry of Agriculture and Rural Development, who is represented by Dr. It said it would transition, improve the economy of most farmers, and promote the development of farming communities. , promote youth participation and commitment.
Umakihe reiterated the ministry’s commitment to take his tractor program to a higher pedestal.