Jaiz Bank Funds 10,000-Hectare Rice Farm in Bauchi

Jaiz Bank

Jaiz Bank Plc, Nigeria’s pioneer non-interest bank, has provided money for the construction of a 10,000-hectare irrigation farm for Tiamin Rice Limited, one of its dependable business partners in Bauchi State.

According to a statement from Jaiz Bank, the farm got money through a combined effort between the Central Bank of Nigeria’s (CBN) Private Sector-Led Accelerated Agricultural Development Scheme (P-AADS) and the bank’s commercial funds. The facility will allow the company to finance the development of its processing capacity from 320Mt/Day to 920Mt/Day by procuring and installing additional 600Mt/Day processing machinery and equipment in Bauchi.

During the inspection visit to the farm, Jaiz Bank’s Managing Director/CEO, Haruna Musa, expressed satisfaction with the facility’s performance and reminded the farm management of the importance of meeting the Bank’s responsibilities.  Haruna also stated that the Bank has supported various agricultural initiatives that have a direct influence on the lives of ordinary people, business communities, and the country’s economy as a whole.

Also addressing, Jaiz Bank’s Board Chairman, Alhaji Mohammed Mustapha Bintube, reaffirmed the bank’s commitment to stimulating the real sector of the economy, particularly agriculture.

Bintube also recognized the multiplier effect of agricultural financing as a vital enabler in job creation, foreign exchange conservation, and overall food security in the country.

Bin Tube says, “the Bank is willing to do more of such partnerships with reliable and committed investors like Tiamin, to grow the economy.”In his remarks, Aminu Ahmed, Group Managing Director of Tiamin Rice Ltd, praised the bank’s management team for confidence in their ability to manage the two projects.

He continued: “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.”

Read more:

Jaiz Bank eyes N10.05b from private investors

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