One of Jaiz Bank Plc’s dependable business partners in Bauchi State, Tiamin Rice Limited, has received money from the pioneer Non-Interest Bank in Nigeria to develop av 10,000-hectre irrigation farm.
The Central Bank of Nigeria’s (CBN) Private Sector-Led Accelerated Agricultural Development Scheme (P-AADS) and Jaiz Bank’s commercial funds worked together to provide the farm with funding, according to a statement from the bank.
This loan will allow the business to finance the purchase and installation of additional 600Mt/day processing gear and equipment in Bauchi, increasing its processing capacity from the current 320Mt/day to 920Mt/day.
During the farm inspection, Haruna Musa, the Managing Director/CEO of Jaiz Bank, gave a speech expressing pleasure with the facility’s performance and giving the farm management a responsibility to stick to the Bank’s commitments.
Continuing, he disclosed that the Bank had funded a number of agricultural initiatives that directly affect the lives of the general public, business communities, and the nation’s economy as a whole.
Alhaji Mohammed Mustapha Bintube, the chairman of the board of Jaiz Bank, also spoke during the event and reiterated the bank’s commitment to boosting the real sector of the economy, especially through agriculture.
Following the national news, Bintube recognised the multiplier effect of agricultural financing as a criticaly facilitator of the creation of jobs, the preservation of foreign exchange, and the nation’s overall food security.
“The Bank is willing to do more of such partnerships with reliable and committed investors like Tiamin, to grow the economy,” he said.
Aminu Ahmed, the Group Managing Director of Tiamin Rice Ltd., praised the bank’s management team for having faith in their ability to oversee the two projects during his remarks.
“The farm has commenced harvesting of about 800 hectares of rice plantation cultivated this dry season, and has started preparations for cultivation of about 2,000 hectares this wet season,” Ahmed said.
