NIRSAL, NASENI tractors to boost agric production

The Nigeria Incentive Based Risk Sharing System for Agricultural Lending (NIRSAL), in collaboration with the National Agency for Science and Engineering Infrastructure (NASENI), will refurbish 50,000 broken down tractors across the country.
The Managing Director of NIRSAL, Mr Aliyu Abdulhameed, made this known on the sidelines of a High Level Rice Conference organised by AgroNigeria in Abuja yesterday.
Abdulhameed said that the move was an innovative business and financing framework to relieve the pressure on state and local governments’ budgets.
‘‘What that proposal did was to show a framework whereby state governments can put together all their broken down equipment and tractors for repairs.
‘‘NIRSAL being the guarantor will work with financial institutions, original equipment manufacturers and service providers to create an ecosystem whereby machines will be put back to service.
‘‘They will sell those services to farmers.
‘‘When the money is made, it will be used to pay off the loans used in refurbishing them.
‘‘It is just a matter of two and half years, those machines which as still as new will be reverted to state ownership and still be used to provide those services,’’ he said.
The managing director said that NIRSAL was working with some companies in Argentina and Brazil to clear land for farmers to cultivate easily.

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