Lagos – A new partnership between Stanbic IBTC Bank, Tata Africa Services and John Deere Financial, a division of United States-based John Deere has raised prospects for farmers in Nigeria.
A statement by Stanbic IBTC Bank said the bank was thrilled to partner with John Deere, a manufacturer of agricultural machinery and heavy equipment globally and Tata as their growth plans would help stimulate growth of the country’s agriculture sector on a sustainable basis.
The statement quoted the Chief Executive Officer of Stanbic IBTC Holdings, Sola David-Borha, as saying that the collaboration would be pivotal in diversifying the country’s economic base.
“This is in addition to the immense benefits that will accrue to Nigeria’s quest to catalyse growth of agriculture by unlocking access to bank financing for operators along the entire agriculture chain,” she said.
According to her, the country’s natural resources are expected to drive strong growth and attract investments in the energy, mining, infrastructure development and agriculture sectors.
She said the bank was well positioned to provide on-the-ground banking operations and staffed by expert teams familiar with local business conditions and regulations.
David-Borha urged stakeholders in the agriculture industry, particularly small holders and commercial farmers, to turn to banks for structured funding to boost their productivity, as the various tiers of government work around creating an enabling environment and appropriate policies that would reduce the credit risks associated with agriculture lending.
The Managing Director of John Deere Financial for sub- Saharan Africa, Jacques Taylor, said the combination of the globally recognised John Deere brand and the bank will create a major platform to support all stakeholders especially the dealer networks.
He said the collaboration could make a real difference in the country not only in terms of business but in helping millions of Nigerians improve their lives through profitable farming.
The Regional Director, West Africa, Tata Africa Services, Sudeep Ray, said the company would participate in the unfolding agricultural revolution in the country.
“Tata has been in Nigeria for over eight years and is committed to mechanisation of Nigeria’s agriculture sector. We understand the needs of everyone along the agriculture chain and the collaboration with John Deere and Stanbic IBTC reinforces that goal of finding solutions to the sector’s needs. Our customers not only want us to provide them with the right equipment, but also to offer them integrated equipment purchasing solutions. This collaboration will facilitate this for our clients, thus reinforcing our aspiration to be the first choice in agricultural equipment in the African region,” he added.
– CAJ News