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Propcom gives tractor loans to operators association

Twenty seven members of Tractor Operators and Hiring Facilities Association of Nigeria (TOHFAN) have received tractor acquisition loans from Propcom Mai-karfi and its partners (First City Monument Bank and Springfield Agro).

The loans and tractors were disbursed this week at an event in Zaria, Kaduna state.
“If you look at the initial cost of a tractor and the members benefitting from this programme, you cannot find two people who can afford to buy this tractor. This loan helps us to acquire new tractors and provide services to farmers who previously find it difficult to access tractors. It benefits both the tractor owner and farmer,” Alhaji Danladi, president of TOHFAN said.

A statement signed by the Communications Manager, Nonyelum Umeasiegbu, stressed that “Access to mechanization is essential to the development of the agricultural sector, yet remains a constraint to small-scale farmers in Nigeria. The DFID-funded Propcom Mai-karfi project works with financial institutions like First City Monument Bank to provide tractor acquisition financing to tractor owners associations.”
The statement said the associations acquire tractors at agreeable interest and loan recovery rates, and provide tractor services to farmers for a fee.  It said initiatives like the tractor loans are examples of private sector-driven innovations required to propel agriculture in Nigeria. Bridging gaps in the sector will lead to improved rural incomes and increased national food production. Propcom Mai-karfi is an innovative, market-driven programme funded by the United Kingdom’s Department for International Development (DFID) that aims to reduce poverty in Nigeria. The programme works with the private sector, businesses and government to enable rural markets work better for the poor.  The organization works in select agricultural market systems in Northern Nigeria, and the programme’s goal is ‘increased income for the poor through enhanced employment opportunities in Northern Nigeria’.

May 29, 2014, Source: www.dailytrust.info

 

 

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