Sterling Bank Plc says it has financed the purchase of tractors for members of the Tractors Owners and Hiring Facilities Association of Nigeria to the tune of N50m.

The lender in a statement said the development was in line with its determination to sustain its stronghold in the agriculture finance space.

The lender noted that the sector had earned it two awards, ‘Best Bank in Commercial Agriculture Credit Scheme’ and ‘Agric Bank of the Year 2014 in Nigeria’ in the last one year.

Sterling Bank said it financed the purchase of the tractors from reputable tractor manufacturers like Massey Ferguson, Mahindra, New Holland, John Deere and Tak Tractors.

According to the statement, the tractor companies will also provide basic training on utilisation and offer after sales maintenance services for the TOHFAN members.

The tractors which have been distributed to members of the association following the first disbursement will help in the adoption of mechanised agriculture, leading to additional hectare coverage, higher yields and enhance food security in the country.

The bank in the statement noted that its involvement in the agricultural sector was based on the need to reposition the sector as the mainstay of the economy.

The bank explained, “We have continually restated our 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 National Treasurer of the association, Abdullahi Lawal, who also confirmed the development, commended the bank for supporting the association, and said that it would go a long way in improving the output of the beneficiaries.

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