The Bank of Agriculture has sealed a N3.5bn financing pact with the Ministry of Agriculture and Rural Development to improve agricultural productivity and production.
The deal was consummated in Abuja the signing of a Memorandum of Understanding between the Minister of Agriculture and Rural Development, Dr Akinwumi Adeshina, and the Managing Director of BoA, Dr Mohammed Santuraki.
Other dignitaries that witnessed the agreement were the Minister of State for Agriculture, Alhaji Bukar Tijani, his counterpart in the Federal Capital Territory, Mrs Olajumoke Akinjide, and the Permanent Secretary in the ministry, Mrs. Ibukun Odusote.
The MoU, which forms the basis for establishing Agricultural Equipment Hiring Enterprise, will help in the acquisition of 400 units of tractors.
Speaking at the event, the BoA boss said the financing would be done through Public Private Partnership as BoA had undertaken to finance the interested service providers operators.