Sterling Bank Plc has revealed that it recently financed the purchase of tractors for members of the Tractors Owners and Hiring Facilities Association of Nigeria, TOHFAN.
The cost of the tractors was put at N50 million.
According to the bank, the move was part of efforts to sustain its dominance in the agriculture finance terrain which earned it two awards: the Best Bank in Commercial Agriculture Credit Scheme (CACS) and Agric Bank of the Year 2014 in Nigeria in the last one year,
A statement revealed that Sterling Bank finances the acquisition of tractors from reputable tractor manufacturers like Massey Ferguson, Mahindra, New Holland, John Deere and Tak tractors who will also provide basic training on utilisation and offer after sales maintenance services.
The tractors which have been distributed to members of the association following the first disbursement, would help in the adoption of mechanized agriculture, leading to additional hectare coverage, higher yields and enhance food security in the country.
The Bank, in a statement, said: “Sterling Bank Plc has continually restated its commitment to the strategic growth of the agricultural sector by providing adequate funding in alignment with the ongoing reforms in the sector aimed at repositioning it as an attractive business proposition, an input provider for the manufacturing sector and a key foreign exchange earner.
“The best bank in Agric Award was conferred on the Bank in recognition of its critical role in the dispensing of financial services to actors in the Nigerian agricultural value chain. This we have demonstrated again with the financing of the tractors which will add value to the sector.”
The bank noted that its involvement in the agricultural sector was based on the need to reposition the sector as the main stay of the economy especially so, with the dwindling revenue from oil.